Question

Adam bought a $1,670 custom video game/sound system on a special no interest plan. He made
$100 down payment and agreed to pay the entire purchase off in 1 and half years. The minimum monthly
payment is $10. If he makes the minimum monthly payment up until the last payment, what will be
the amount of his last payment?​

Answer 1

Hello!

if he bought it with no interest applied, then the last payment will be $1400

1670 - 100 = 1570

if he has to pay it off in 18 months (1 and a half years), and only pays $10 per month, that means he will pay off $170 before the last payment is due.

1570 - 170 = 1400

so his last payment will have to be $1400 to pay it off completely

I hope this helps, and have a nice day!