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12 April, 23:57

The Alvarez family bought a car for $2,000 they made a down payment of $500 if they want to pay the balance in 5 equal payments how much would each of these payments be

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  1. 13 April, 02:31
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    Actual cost of the car bought by Alvarez family = $2000

    Amount of down payment made by the Alvarez family = $500

    Outstanding amount

    that has to be paid by the Alvarez family = (2000 - 500) dollars

    = 1500 dollars

    Number of equal payments to pay the outstanding balance = 5

    So

    Payment that has to be made

    by the Alvarez family in 5 equal parts = 1500/5 dollars

    = 300 dollars

    So the Alvarez family has to make 5 payments of $500 to complete the outstanding amount of the car. I hope the procedure is clear enough for you to understand.
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