Bo has $500 in his savings account. He plans to add $150 to his savings account every month. Recently, he purchased a tractor to

Question

2 years ago

11

Bo has $500 in his savings account. He plans to add $150 to his savings account every month. Recently, he purchased a tractor to

use on his farm for $4,000. He plans to pay off the total price of the tractor over time by paying $200 a month. How much will Bo have in savings when he can pay off the tractor in full?
A. $2,000

B. $2,050

C. $2,100

D. $2,150

Mathematics

2 answers:

MariettaO [177] · Answer 1 · 2022-01-31T04:35:57+03:00

Answer:

A. $2,000

Step-by-step explanation:

Assuming that the money in the savings account will be used to pay off for tractor.

let the number of months be m

Savings after m months will be 500+ 150m

After m months the installments paid will 200m

To find the months it will take to pay for the tractor in m months, savings and the installments will be the price of the tractor. As an equation it be represented as below:

500+150m +200m = 4000

150m + 200m = 4000-500 (grouping like terms)

350m = 3500 (Making m the subject of the formula)

350m/350 = 3500/350

m = 10

Substituting m into the equation of saving after m months

Savings after m months will be 500+ 150m

Savings after m months will be 500 + 150(10)

Savings after m months will be 500 + 1500

Savings after m months will be $2000