Question

Juan and Alex are both saving money for college. Juan saves $150 per month and currently has $2000 in the bank. Alex saves $250 per month and has only $1000 in the bank. Not counting the interest they will earn, how many months will it take until both boys have saved the same amount of money?
• Let m represent the # of months it takes Juan and Alex to save the same amount of money
• Let A represent the amount of money they will have after m months.

Answer 1

Let, m = months they take.

So, 2000 + 150m = 1000 + 250m
2000 - 1000 = 250m - 150m
100m = 1000
m = 1000 / 100
m = 10

Now, Money after 10th months = 2000 + 150(10) = $3500

Hope this helps!