Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 15% (add-on rate). If the refrigerator at Sears costs $1,558 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment? (Round your answer to the nearest cent.)

Answer 1

I = PRT

I = 1,558 * 0.05 * 3

I = 233.7

(1558 + 233.7)/36 = _________monthly payment

Answer 2

Ms Sue What about 15% installment loan

Answer 3

Oops --

The problem should be:

I = 1,558 * 0.15 * 3

I = 701.1

(1558 + 701.1)/36 = _________monthly payment

Answer 4

Ms Sue where did you add 5%

Answer 5

look at the first one

Answer 6

thank you I got this 65.89

Answer 7

I got a little different answer. Please do the calculations again.