Question 1032183
Equivalent price  = down payment + present value of all monthly payments.

Now present value of all monthly payments = {{{P = R((1-(1+r/n)^(-nt))    /(r/n))}}}.

Here, n = 12, t = 1.5, r = 0.15, R = 500.

==> {{{P = 500((1-(1+0.15/12)^(-18)) /(0.15/12)) = 8014.77}}}.

==> Equivalent price  = 1500 +  8014.77 = $9,514.77.