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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 - ,

    I = PRT

    I = 1,558 * 0.05 * 3

    I = 233.7

    (1558 + 233.7)/36 = _________monthly payment

  • math - ,

    Ms Sue What about 15% installment loan

  • math - typo -- sorry - ,

    Oops --

    The problem should be:

    I = 1,558 * 0.15 * 3

    I = 701.1

    (1558 + 701.1)/36 = _________monthly payment

  • math - ,

    Ms Sue where did you add 5%

  • math - ,

    look at the first one

  • math - ,

    thank you I got this 65.89

  • math - ,

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

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