Explanation:
"Max is going to borrow money to buy a TV. For one TV he must pay back $438 in 12 months. For the other TV, he must pay back $555 in 15 months. Which TV has lower monthly payments? Explain how you know"
let us solve for the monthly payment expected in both cases
given data
amount= $438
time =12 months
monthly pay = 438/12
monthly pay = $36.5 per month
given data
amount= $555
time =15 months
monthly pay = 555/15
monthly pay = $37 per month
Therefore the First plan which is $438 in 12 months has lower monthly payments because Max will pay $36.5 monthly, the second plan is $0.5 more which is $37