The cost of a holiday is £2400
Anneka pays a deposit followed by monthly payments in the ratio:
deposit:total of the monthly payments = 3:5
She makes 6 equal monthly payments.
What is her monthly payment?
Answer:
Let deposit = D
Let total monthly payments = M
5D = 3M
Also, we know:
D + M = 2400
Therefore D = 2400 – M
Substituting D back into the first equation:
3M = 5 x (2400 – M)
3M = 12000 – 5M
8M = 12000
M = 1,500
Therefore as there are 6 monthly payments, each payment 1500/6 = £250