Posted by Andrew on .
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% (addon 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.)

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Ms. Sue,
I = PRT
I = 1,558 * 0.05 * 3
I = 233.7
(1558 + 233.7)/36 = _________monthly payment 
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Andrew,
Ms Sue What about 15% installment loan

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Ms. Sue,
Oops 
The problem should be:
I = 1,558 * 0.15 * 3
I = 701.1
(1558 + 701.1)/36 = _________monthly payment 
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Andrew,
Ms Sue where did you add 5%

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,
look at the first one

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Andrew,
thank you I got this 65.89

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