Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is
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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 refrigerator. Sears offers them an installment loan at \(15 \%\) (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?
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First we need to find the total cost of the refrigerator by taking into account the 5 sales t...View the full answer
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