Your parents purchased a new couch under a conditional sale contract that required eighteen monthly payments of $99 with the first payment due on the purchase date. The interest rate on the outstanding balance was 18% compounded monthly. What was the purchase price of the couch?
▸ $1,574.86
▸ $1,274.86
▸ $1,501.86
▸ $1,496.86
▸ $1,589.86