Question 746361
Let {{{ n }}} = the number of monthly payments that he will make
That will include interest.
The last payment will not have a finance charge, since that will
pay off the jacket.
So, for {{{ n }}} payments, $17.50 will be add on. That means
{{{ 50 - 17.50 = 32.50 }}} will actually go towards the balance
each month.
The last month's payment will be $50, all towards balance
I can say:
{{{ 800 = 32.5n + 50 }}}
{{{ 32.5n = 800 - 50 }}}
{{{ 32.5n = 750 }}}
{{{ n = 23.08 }}}
It looks like he could do it in 24 payments
The last payment would have to be slightly more than $50
{{{ 32.5*23 + 50 = 797.5 }}}
{{{ 800 - 797.5 = 2.5 }}}
The last payment would be $52.50