Question

Greg has $2,571.68 in his bank account and makes automatic monthly rental payments of $321.46 for a car loan. If he stops making deposits to that account, when would the automatic payments make the value of the account zero? Write the equation using m for months that represents this scenario

Answer 1

8 months

Explanation:

Given that:

Amount of money present in the bank account = $2,571.68

Automatic monthly rental payments for car loan = $321.46

Any deposits in the bank account are stopped.

To find:

The number of months taken so that the automatic payments make the value of the account as zero?

Solution:

Let the number of months taken to make the value of the account zero =
`m` months

To find the value of
`m`, we need to divide the total amount initially present in bank account with the monthly rental payment amount.

Therefore, the equation to find the value of
`m`, can be written as:

`m = (2571.68)/(321.46)`

On solving the above equation, we get the value as following:

`\bold{m=8}` months