Question

You are buying a digital camera that costs $375. The store lets you makea down payment. You can pay the remaining cost four equal monthlypayments with no interest charged. You make a down payment of $175.Find the amount of each monthly payment.

Answer 1

Given data

The total cost of the digital camera is $375.

Let 'p' represent the monthly payments.

Therefore, four equal monthly payments will be,

$4\times p=4p$

The down payment made is $175.

The equation to solve for the amount of payment made each month will be,

$175+4p=375$

Solving for the value of p

Collect like terms

$\begin{gathered} 175+4p=375 \\ 4p=375-175 \\ 4p=200 \end{gathered}$

Divide both sides by 4

$\begin{gathered} \frac{4p}{4}=\frac{200}{4} \\ p=50 \end{gathered}$

Hence, the amount of each monthly payment is $50.