Question

James currently has $215 in a savings account. Every month, he deposits an additional $45 into his account. James had to replace the wooden fence around his house for a total of $4,100, and his zero-interest payment plan requires $168 per month. If James uses all of his budgeted savings to help pay off the fence, in addition to the monthly payment, what will be the remaining balance on the fence after 12 months?

A. $2,084
B. $1,869
C. $1,544
D. $1,329
E. The balance will be completely paid off.

Answer 1

$45 per month x 12 months = 45 x 12 = $540

Monthly payment: $168 x 12 = $2016

Total paid: 2016 + 540 = $2556

Subtract from the total he owes:

4100 - 2556 = $1544

The answer is C.

Answer 2

I believe it's D. $1,329

Explanation:

y = 45(12) + 215 = 755

y = 4100 - 168(12) = 2084

2084 - 755 = 1329