Answer:
it will take approximately 5.88 months for Don to pay off the remaining amount of $R = $85t = $85(5.88) = $499.80
Explanation:
Don paid $500 upfront and will make monthly payments of $85 for the remaining amount. Let's assume the remaining amount he needs to pay is $R. The total cost of the furniture is the sum of the amount paid upfront and the remaining amount:
Total Cost = $500 + $R
Since he will be paying $85 per month, we can set up an equation to determine the time it will take to pay off the remaining amount:
$R = $85t
where t is the number of months it will take to pay off the remaining amount.
Substituting $R = $85t in the total cost equation, we get:
Total Cost = $500 + $85t
Since we want to find the time it will take to pay off the furniture, we need to solve for t. We can equate the total cost to the amount Don will pay at the end of the payment period, which is:
Total Cost = Amount Paid
$500 + $85t = $500 + $85t + $R
$85t = $R
$500 + $85t = $500 + $85t + $85t
$500 + $170t = $500 + $R
$170t = $R
Substituting $R = $85t, we get:
$170t = $85t
t = $500/$85
t = 5.88 (rounded to two decimal places)