The Smith family made an $800 down payment and pays $75 a month for new furniture. At the same time the Cooper family made a $500 down payment and pays $95 a month for their new furniture. How many months until the amounts they have paid will be equal? Please help with answer!
What? No interest involved?
So, let the number of months be n
500 + 95n = 800 + 75n
20n = 300
n = 15
check:
500 + 15(95) = 1925
800 + 15(75) = 1925
To find out how many months until the amounts the Smith and Cooper families have paid will be equal, we need to set up an equation.
Let's represent the number of months as 'x'.
For the Smith family:
Total amount paid = down payment + (monthly payment * number of months)
Total amount paid = $800 + ($75 * x)
For the Cooper family:
Total amount paid = down payment + (monthly payment * number of months)
Total amount paid = $500 + ($95 * x)
Since we want to find when the amounts paid by both families will be equal, we can set up an equation and solve for 'x':
$800 + ($75 * x) = $500 + ($95 * x)
Now, let's simplify the equation:
$75 * x - $95 * x = $500 - $800
-$20 * x = -$300
Dividing both sides of the equation by -20 gives us:
x = 15
So, it will take 15 months until the amounts the Smith and Cooper families have paid will be equal.