Loans a music company offers a loan to buy a drum set for $1500. what is the monthly payment?

The monthly payment is whatever they say it is.
It depends on how soon you agree to pay it.

-- If the company wants it paid in one month,
then the monthly payment is $1,500.

-- If they want it paid in two months, then
the monthly payment is $750.

-- If they're willing to give you a whole year to pay off
the loan, then the monthly payment is $125.

Here's how it works:
-- You go into their store.
-- You see a cool set of drums, marked $1,500 .
-- You ask how long you can have to pay for the drum set if you buy it.
-- They tell you how many months.
-- From that number, you calculate what the monthly payment would be.
-- You decide whether you can afford to pay that amount every month.
-- If it's no problem, you sign a promise to pay, and you take the drums home.
-- If it's a lotta money, or you're not sure whether you can pay that much
every month, then you leave the store and go home without the drums.

That's why it's always a good idea to save some money in a mayonnaise jar
in the corner of your closet, so that when you see something in a store that
you can't live without and you've just gotta have it, you'll either be able to pay
for it the day you buy it, or else you'll pay for some part of it and you won't
need to borrow the FULL price from the store.