Question

On January 1, 2009, David owed $9,452 to his friend Mackenzie, who was kind enough not to charge David any interest. Each month during 2009, David paid Mackenzie some of the money he owed. If David still owed Mackenzie $5,876 on January 1, 2010, what was the average amount of David's monthly payments?

Answer 1

David's average monthly payment to Mackenzie was $298, calculated by subtracting the remaining debt from the initial amount owed and then dividing by the number of months in the year.

Step-by-step explanation:

To calculate the average monthly payment David made to Mackenzie, we need to determine the total amount paid throughout the year. We start with the initial amount David owed, which was $9,452, and subtract the remaining debt after the year, which is $5,876. This gives us the total amount paid over the year: $9,452 - $5,876 = $3,576.

There are 12 months in a year, so to find the average monthly payment, we divide the total amount paid by 12 months:
$3,576 / 12 = $298 per month.

Therefore, David's average monthly payment to Mackenzie was $298.