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Complete question :
Simon bought furniture for his apartment for a total of $2,900. The store financed his purchase for 18 months at 0% interest, and there is no minimum monthly payment amount. Simon decides to pay nothing the first month, and then $180 per month after the first month towards the total until it's paid off.
Set up an equation such that Tn represents the total amount Simon still owes after n months.
Calculate the amount Simon still owes at the end of one year after his purchase.
Answer:
Tn = 2900 - 180(n - 1)
Tn = $920
Step-by-step explanation:
Cost of furniture = $2900
Assume no interest
Amount paid in first month = 0
Constant amount to be paid after first month = $180
T amount owed after n, months :
Tn = Cost of furniture - amount to be paid per month * (Number of months - 1)
Hence,
Tn = 2900 - 180(n - 1)
Amount owed at the end of one year after purchase :
Tn = 2900 - 180(12 - 1)
Tn = 2900 - 180(11)
Tn = 2900 - 1980
Tn = $920
The Simon decides to pay nothing the first month, and then $180 per month after the first month towards the total until it's paid off is :
Tn = 2900 - 180(n - 1)
Tn = $920
"To understand the calculation, check below."
Interest
What all information we have ?
Cost of furniture = $2900
Assume no interest
Amount paid in first month = 0
Constant amount to be paid after first month = $180
T amount owed after n, months :
Tn = Cost of furniture - amount to be paid per month * (Number of months - 1)
Tn = 2900 - 180(n - 1)
Tn = 2900 - 180(12 - 1)
Tn = 2900 - 180(11)
Tn = 2900 - 1980
Tn = $920
The Simon decides to pay nothing the first month, and then $180 per month after the first month towards the total until it's paid off is Tn = $920.
Learn more about "Interest":
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