Posted by **Andrew** on Sunday, March 17, 2013 at 1:15pm.

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.)

- math -
**Ms. Sue**, Sunday, March 17, 2013 at 1:20pm
I = PRT

I = 1,558 * 0.05 * 3

I = 233.7

(1558 + 233.7)/36 = _________monthly payment

- math -
**Andrew**, Sunday, March 17, 2013 at 1:27pm
Ms Sue What about 15% installment loan

- math - typo -- sorry -
**Ms. Sue**, Sunday, March 17, 2013 at 1:33pm
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**, Sunday, March 17, 2013 at 1:37pm
Ms Sue where did you add 5%

- math - , Sunday, March 17, 2013 at 1:42pm
look at the first one

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**Andrew**, Sunday, March 17, 2013 at 1:47pm
thank you I got this 65.89

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**Ms. Sue**, Sunday, March 17, 2013 at 1:57pm
I got a little different answer. Please do the calculations again.

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