A membership at a health club costs $495

Question

per year. The club has a payment plan in which a member can pay $75
down and the rest in 12
equal payments. How much would the monthly payment be?

Answer 1

To calculate the monthly payment for the membership at the health club, we first need to determine the total amount that will be financed after the initial down payment.

1. The total cost of the membership is $495.
2. The down payment is $75.

Now, we subtract the down payment from the total cost:

\[ \text{Amount to be financed} = \text{Total cost} - \text{Down payment} = 495 - 75 = 420 \]

Next, this amount will be paid off in 12 equal monthly payments:

\[ \text{Monthly payment} = \frac{\text{Amount to be financed}}{12} = \frac{420}{12} = 35 \]

Thus, the monthly payment would be $35.