Question

Simon took out a zero-interest loan for $3,300 to buy a boat. He must pay $300 per month to pay off the total balance of the boat's purchase price. Simon also has $1,000 in his savings account. He plans to deposit $600 every month in this account. So, Simon would like a system of equations that tells him at what point he will be able to pay off the total balance for the boat with the help of his savings. Write the second equation in the system. Enter the correct answer in the box. Substitute numerical values into the expression for all known variables.

Answer 1

Answer:

y equals 300x plus 3300

Step-by-step explanation:

Answer 2

Answer:

After 3 months, Simon will be able to pay off his loan with the money he holds at his savings account.

Step-by-step explanation:

ending loan's principal balance = beginning loan's principal balance - number of months x $300

or we can simplify it:           l₁ = l₀ - 300x ⇒ l₁ = 3,300 - 300x

l₁ = ending loan's principal balance

x = number of months

ending savings account balance = beginning savings account balance + number of months x $600

or we can simplify it:         s₁ = s₀ + 600x ⇒  s₁ = 1,000 + 600x

s₁ = ending savings account balance

x = number of months

account balances for months

                                    month 1        month 2         month 3         month 4

boat loan                     $3.000         $2,700          $2,400           $2,100

savings account          $1,600         $2,200          $2,800           $3,400