## Simple annuities

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 $\displaystyle J_{12} = 18$%:

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??