math
posted by Andrew .
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.)

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

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

look at the first one

thank you I got this 65.89

I got a little different answer. Please do the calculations again.
Respond to this Question
Similar Questions

math
what formula would i use to solve for this: Loan Interest A developer needs $80,000 to buy land. He is able to borrow the money at 10% per year compunded quarterly. How much will the interest amount to if he pays off the loan in 5yrs? 
math
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 … 
math
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 16% (addon … 
Foundations Math 12
Mark wants to buy a car in 15 months, when he graduates. He estimates the car he wants will cost $12 500. Mark has just invested $7500 in a GIC earning 4% compounded quarterly. He also has a savings account that earns 2.45%, compounded … 
math
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 13% (addon … 
algeba/can you please ck my answer
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 14% (addon … 
college, math
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 12% (addon … 
math
Ivan is saving money to buy a computer with. He started with $225 in his savings account and the first week he added $75, the second week he added $200, the third week he unfortunately had to take out $50 and the fourth week he added … 
Math
You need to borrow $20,000 to buy a car. You can only afford to make monthly payments of $200. The bank offers 3 choices: 3year loan at 5%, 4year loan at 6%, and a 5year loan at 7%. a) Whatâ€™s the monthly payment for each loan? 
math
Karen borrowed money from a loan shark at an interest rate of 114% APR. Karen paid the loan shark $12150.00 back after 25 months (after being threatened a few times). What will be the time in the formula be for this calculation?