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% (add-on rate). If the refrigerator at Sears costs $1,598 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment?

I got $53.14 but it was wrong

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  1. 1598 * 1.05 = 1,677.90 total price

    I = 1677.9 * 0.16 * 3

    I = 805.39

    (1,677.9 + 805.39) / 36 = 68.98 monthly payment

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    Ms. Sue

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