Brain Teasers
Horse Crazy
Elisa has always wanted a horse, and now she has fallen in love with a buckskin quarter horse gelding named Canyon Sunshine. The horse is priced at $3,000. Elisa's stepfather decides to give her an interest-free loan for the total price of Canyon Sunshine. While paying off this loan, Elisa will also be responsible for the $90 per month upkeep of the horse.
Elisa has $875 in a savings account. She has a steady baby-sitting job, which pays her $5 an hour. She baby-sits 4 nights monthly, 6 hours each night. She also earns $6 an hour working 16 hours each month cleaning the horse stalls at a local stable. Elisa decides to pay back her stepfather's loan as soon as possible with her savings and with every bit she earns monthly.
If Elisa's job situation remains unchanged, how many months will it take her to repay the loan?
Elisa has $875 in a savings account. She has a steady baby-sitting job, which pays her $5 an hour. She baby-sits 4 nights monthly, 6 hours each night. She also earns $6 an hour working 16 hours each month cleaning the horse stalls at a local stable. Elisa decides to pay back her stepfather's loan as soon as possible with her savings and with every bit she earns monthly.
If Elisa's job situation remains unchanged, how many months will it take her to repay the loan?
Hint
Divide the problem into parts.Answer
It will take Elisa 17 months to repay the loan.After closing her savings account to make the first payment, Elisa has a debt of $3,000 - $875 = $2,125.
Her monthly income from baby-sitting is 4 * 6 * $5 = $120. Her monthly income from cleaning the stable is 16 * $6 = $96. So her total monthly income is $216.
But she must also pay $90 a month for the upkeep of Canyon Sunshine. So she can make monthly payments of $216 - $90 = $126.
She will have repaid the loan after 17 months: $2,125 / $126/month = 16.8.
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