12 Jim and Mary are each planning monthly repayments for money they want to borrow.
- Jim's first payment is \(\pounds 500\), and he plans to pay \(\pounds 10\) less each month, so that his second payment is \(\pounds 490\), his third is \(\pounds 480\), and so on.
(A) Calculate his 12th payment.
(B) He plans to make 24 payments altogether. Show that he pays \(\pounds 9240\) in total. - Mary's first payment is \(\pounds 460\) and she plans to pay \(2 \%\) less each month than the previous month, so that her second payment is \(\pounds 450.80\), her third is \(\pounds 441.784\), and so on.
(A) Calculate her 12th payment.
(B) Show that Jim's 20th payment is less than Mary's 20th payment but that his 19th is not less than her 19th.
(C) Mary plans to make 24 payments altogether. Calculate how much she pays in total.
(D) How much would Mary's first payment need to be if she wishes to pay \(2 \%\) less each month as before, but to pay the same in total as Jim, \(\pounds 9240\), over the 24 months?