Question

Sheds R Us sells $600 sheds on a monthly payment plan over 2 years.
a) If the interest rate is 1.5% per month, find the monthly payment.
Answer = $
b) If instead the interest rate is 1.75% per month, find the monthly payment
Answer = $
can anyone help me with which format i should use .. have tried several, none of which seem to be correct.
Thought A was 25.46
and B was 25.75
but both are wrong

Answer 1

1.015(600 / 24) = $25.38 a month

1.0175(600/24) = ?

Answer 2

A more realistic way to interpret this problem is

1.5% a month interest is actually 18% annual interest rate.

I = PRT

I = 600 * 0.18 * 2

I = 216

816 / 24 = 34 a month payment

Answer 3

1.015(600 / 24) =
$25.38 is showing up wrong.
1.0175(600/24) = 25.44 which is showing wrong too.

Answer 4

Please see my second post.