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
Assuming Moby does not charge interest other than sharing the use of the X-box.
Explanation:
The amount to pay back
Each payment
Payment plan is:
where
Balance for any month is then:
So:
Then after 6 months,