Question

the Alvarez family bought a car for $2,000 they made a down payment of $500 if they want to pay the balance in 5 equal payments how much would each of these payments be

Answer 1

Actual cost of the car bought by Alvarez family = $2000
Amount of down payment made by the Alvarez family = $500
Outstanding amount
that has to be paid by the Alvarez family = (2000 - 500) dollars
                                                                  = 1500 dollars
Number of equal payments to pay the outstanding balance = 5
So
Payment that has to be made
by the Alvarez family in 5 equal parts = 1500/5 dollars
                                                             = 300 dollars
So the Alvarez family has to make 5 payments of $500 to complete the outstanding amount of the car. I hope the procedure is clear enough for you to understand.