A frig is needed. Sears offers them an installment loan at 15% (add-on rate). If the refrigerator at Sears costs $1,578 plus
5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3
years, what is the monthly payment?
Total cost = 1578*(1.05) =1656.9
The monthly payment = $57.44
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