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Math Help - Initial Cost and Installments

  1. #1
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    Question Initial Cost and Installments

    A bought 2 rings at euro 299 each and a watch at euro 140. 1/6 of total cost was paid at the time of purchase and balance in 12 equal installments. What was the amount of each months payment ?

    Answer is $61.50 but how. It comes only if 1/6 is neglected at first but why should it be neglected ?
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  2. #2
    MHF Contributor alexmahone's Avatar
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    re: Initial Cost and Installments

    Quote Originally Posted by haftakhan View Post
    A bought 2 rings at euro 299 each and a watch at euro 140. 1/6 of total cost was paid at the time of purchase and balance in 12 equal installments. What was the amount of each months payment ?

    Answer is $61.50 but how. It comes only if 1/6 is neglected at first but why should it be neglected ?
    Total cost = 2*299 + 140 = 738

    Balance = 5/6 * 738 = 615

    Each month's payment = 615/12 = 51.25
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  3. #3
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    re: Initial Cost and Installments

    Yes thats the way it should be but the answer to the question is $61.50
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  4. #4
    MHF Contributor alexmahone's Avatar
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    re: Initial Cost and Installments

    Quote Originally Posted by haftakhan View Post
    Yes thats the way it should be but the answer to the question is $61.50
    Then your textbook (?) is wrong.
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  5. #5
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    re: Initial Cost and Installments

    Quote Originally Posted by alexmahone View Post
    Then your textbook (?) is wrong.

    May be
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