IXL | Evaluate payment methods

A new smartphone is coming out this month. Ruth wants to buy it with 12 automatic monthly payments of $75. There is a processing fee of $1.50 per payment.

What is the total cost of buying the smartphone with automatic payments?

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Learn with an example

question

Peter wants to play saxophone in the school band. His parents can buy a saxophone and pay for it with 5 automatic monthly payments of $100. There is a $1.50 processing fee per payment.

What is the total cost of buying the saxophone with automatic payments?

key idea

Automatic payments are payments that transfer money from your bank account. Automatic payments can be set up to happen regularly, such as once a month. You might need to pay a fee to use automatic payments.

solution

First, find the cost per month. Add the monthly payment and the fee.

100

1.50

101.50

Then, find the total cost. There are 5 monthly payments, so multiply by 5.

101.50

507.50

The total cost of buying the saxophone with automatic payments is

$507.50.

Looking for more? Try this:

$Confetti$

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Teacher tools

Work it out

Not feeling ready yet? These can help:

VV.7Identify advantages and disadvantages of payment methods

ZZ.10Add money amounts - word problems

HH.5Multiply money amounts: word problems

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