A certain debt will be paid in 65 installments from January 1 to December 31 of a certain year.
A certain debt will be paid in 65 installments from January 1 to December 31 of a certain year. Each of the first 20 payments is to be $410; each of the remaining payments is to be $65 more than each of the first 20 payments. What is the average (arithmetic mean) payment that will be made on the debt for the year?
Answer/Solution
455
Steps/Work
Total number of installments = 65
Payment per installment for the first 20 installments = 410
Payment per installment for the remaining 45 installments = 410+65=475
Average = (20*410 + 45*475)/65 = 455
Answer B
Payment per installment for the first 20 installments = 410
Payment per installment for the remaining 45 installments = 410+65=475
Average = (20*410 + 45*475)/65 = 455
Answer B