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