May enters into a contract to purchase a Jet Ski. She is required to pay $225 per month for 3 yrs and the final payment 2 months later of $500. If the interest rate is %:
a) What is the value of the Jet Ski
b) What was the total interest of the loan?
My answers are: a) $6,507.61
and b) $1592.39
Is this correct??