Isabelle's parents bought a new television for $480. The seller gives them a 5% discount. They pay a first installment of $150 and will pay the rest in 3 monthly installments. What is the amount of a monthly payment? Give me reasons, before answering the question
The television discount is $480 x 5 / 100 = $24. So, the television price is $480 - $24 = $456. The outstanding balance is $456 $150 = $306. The monthly payment is $306 / 3 = $102. So the final answer is 102.