Chris purchased a new mattress for $1,399. he will need to pay $78 each month on his interest-free loan to pay off the total pri

Question

2 years ago

10

Chris purchased a new mattress for $1,399. he will need to pay $78 each month on his interest-free loan to pay off the total pri

ce of the mattress in 18 months. separately, chris sets aside $50 each month in a savings account, which currently shows a balance of $250. create an augmented matrix from a system of equations to help chris determine when he can use monthly payments and savings to pay off the total purchase price of the mattress.?

Mathematics

1 answer:

viva [34] · Answer 1 · 2023-10-09T06:21:49+03:00

At least 24 times he need to deposit $ 50 to paying off his total purchase.

<h3>What is Savings?</h3>

Saving is the portion of income not spent on current expenditures. In other words, it is the money set aside for future use and not spent immediately.

Here, cost of mattress = $ 1399

cost of EMI = $ 78

Duration of EMI = 18 months

Total payable amount = 18 X 78

= $ 1404

Current account balance = $ 250

Per month savings = $ 50

Duration at which total balance is equivalent to payable amount

= (1404 - 250)/50

= 1154/50

= 23.08

Thus, At least 24 times he need to deposit $ 50 to paying off his total purchase.