document.write( "Question 746361: Kareem purchased a leather jacket for $800 with his new credit card. He budgeted $50 a month to pay toward the debt. When he read the fine print on the credit card statement, he saw that for each month he owed a balance, a finance charge of $17.50 would be added. If Kareem pays $50 per month, how much money will the jacket actually cost? \n" ); document.write( "

Algebra.Com's Answer #454250 by josmiceli(19441) $\"\"$ $\"About$

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Let $\"+n+\"$ = the number of monthly payments that he will make
\n" ); document.write( "That will include interest.
\n" ); document.write( "The last payment will not have a finance charge, since that will
\n" ); document.write( "pay off the jacket.
\n" ); document.write( "So, for $\"+n+\"$ payments, $17.50 will be add on. That means
\n" ); document.write( " $\"+50+-+17.50+=+32.50+\"$ will actually go towards the balance
\n" ); document.write( "each month.
\n" ); document.write( "The last month's payment will be $50, all towards balance
\n" ); document.write( "I can say:
\n" ); document.write( " $\"+800+=+32.5n+%2B+50+\"$
\n" ); document.write( " $\"+32.5n+=+800+-+50+\"$
\n" ); document.write( " $\"+32.5n+=+750+\"$
\n" ); document.write( " $\"+n+=+23.08+\"$
\n" ); document.write( "It looks like he could do it in 24 payments
\n" ); document.write( "The last payment would have to be slightly more than $50
\n" ); document.write( " $\"+32.5%2A23+%2B+50+=+797.5+\"$
\n" ); document.write( " $\"+800+-+797.5+=+2.5+\"$
\n" ); document.write( "The last payment would be $52.50\r
\n" ); document.write( "
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