Question

The owner offers a payment plan where the total cost of the mountain bike is paid in 3 equal monthly payments. Determine the amount of each monthly payment. Show your work or explain your answer.

Answer 1

Explanation:

$66.67/month for three months

The monthly payment is calulated by dividing the total cost of the mountain bike by 3. For example, if the total cost is $200, the three monthly payments will be $66.67 each:

$200

---------------- = $66.67/month for three months

3 months