Question

Miles is saving to buy a new car. He currently has $600 in his savings account. He plans on depositing $200 a month until he has saved the $2000 he needs to buy a car. Rate change?

Answer 1

7 months

Explanation:

He plans on depositing $200 every month into the savings account that already has $600 in it.

We can represent the amount of money he will have after a certain number of months (x) as:

A = 600 + 200x

He needs to save $2000. Therefore, to find the months he needs to save, we need to find x when A is $2000:

2000 = 600 + 200x

200x = 2000 - 600

200x = 1400

x = 1400/200 = 7 months

He needs to save for 7 months.