Question

Today Jan put a necklace on layaway by making a down payment of $75 and agreeing to pay $15 per month, starting next month, for 18 months. When will Jan receive the necklace?

Answer 1

Jan will receive her necklace in the fifth month.

She will start with a balance of $75, and we will take away $15 for each month

Month. 1. 2. 3. 4. 5.
Owed. 60. 45. 30. 15. 0
After
Each
Month

Answer 2

The answer is 18 months.

Explanation:

Today Jan put a necklace on layaway by making a down payment of $75 and agreeing to pay $15 per month, starting next month, for 18 months.

So, she will receive the necklace in 18 months.

Layaway is a system of paying a deposit for your product to secure it for later purchase. When all your payments are done, the product is given to you.