Tim borrows $500 from Moby to buy a X-Box. He agrees to pay him back $15 every month. Write an equation to find the balance, B left after m months?

1 Answer
Oct 5, 2017

B=$500-mmxx($15)/mto where mm=number of months

Assuming Moby does not charge interest other than sharing the use of the X-box.

Explanation:

The amount to pay back =$500
Each payment =$15 every month or ($15)/m

Payment plan is: Pp=mmxx($15)/m

where mm=number of months

Balance for any month is then: B=$500-Pp

So: B=$500-mmxx($15)/mto [ANS]

Then after 6 months, B=$500-mmxx($15)/m

B=$500-(6)cancelmxx($15)/cancelm

B=$500-($90)=$410