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% (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.)

1. 👍 0
2. 👎 0
3. 👁 624
1. I = PRT

I = 1,558 * 0.05 * 3

I = 233.7

(1558 + 233.7)/36 = _________monthly payment

1. 👍 0
2. 👎 0
👩‍🏫
Ms. Sue
2. Ms Sue What about 15% installment loan

1. 👍 0
2. 👎 0
3. Oops --

The problem should be:

I = 1,558 * 0.15 * 3

I = 701.1

(1558 + 701.1)/36 = _________monthly payment

1. 👍 0
2. 👎 0
👩‍🏫
Ms. Sue
4. Ms Sue where did you add 5%

1. 👍 0
2. 👎 0
5. look at the first one

1. 👍 0
2. 👎 0
6. thank you I got this 65.89

1. 👍 0
2. 👎 0
7. I got a little different answer. Please do the calculations again.

1. 👍 0
2. 👎 0
👩‍🏫
Ms. Sue

Similar Questions

1. physics

Wayne pulls a 305 N sled along a snowy path using a rope that makes a 45.0° angle with the ground. Wayne pulls with a force of 42.3 N. The sled moves 16 m in 3.0 s. What power does Wayne produce?

2. consumer math

You are debating about whether to buy a new computer for \$800.00 or a refurbished computer with the same equipment for \$640.00. If a savings account earns 4.5% APR interest, how much do you really save with a refurbished computer

3. math

1. You are debating about whether to buy a new computer for \$800.00 or a refurbished computer with the same equipment for \$640.00. If a savings account earns 4.5% APR interest, how much do you really save with a refurbished

4. math

f \$3800 is invested in a savings account for which interest is compounded quarterly, and if the \$3800 turns into \$4300 in 2 years, what is the interest rate of the savings account?

1. math

suppose you deposit \$3000 in a savings account that pays interest in a a rate of 4%. if no money is added or withdrawn from the account, how much will be in the account after ten years.

2. Math

Mr. Thomas spent 1600.00 of his savings on a TV and 2/5 of the remainder on a refrigerator. He had 1/3 of his original amount of savings left. What was Mr. Thomas's original savings?

3. 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%

4. math

John took all his money out of his savings account. He spent \$50 on a radio and 3/5 of what remained on presents. Half of what was left he put back in his checking account, and the remaining \$35 he donated to charity. How much

1. math

Karen deposits \$375 into a savings account which earns simple interest at a rate of 4% per year. She wants to use the interest to buy a new camera. Which price camera could Karen buy at the end of 5 years? SELECT THREE!!. A.\$764

2. math

you buy refrigerator for 12,800 and make a down payment of 2,500. if ypu finance the remainder at 8% annually for 3 years, how much will you actually pay for the refrigerator?

3. math models

If \$3800 is invested in a savings account for which interest is compounded quarterly, and if the \$3800 turns into \$4300 in 2 years, what is the interest rate of the savings account?

4. math

Madison spent 5/8 of her savings on a microwave oven & a refrigerator. She used 4/7 of the amount she spent to buy the refrigerator. The refrigerator cost \$280 more than the microwave oven. How much savings did Madison start with?