## Do you need to buy a new laptop?

Is this how your parents react when you ask them to buy it?

### If you need to buy that laptop on your own, you can use algebra to figure out how to save up for it!

## Here's The Plan!

### Run through these steps when you're planning for a purchase.

Once you decide what you want to buy, answer the 5 questions below:

1. How much does it **cost**?

2. How much money do you **have now**?

3. How much more money do you need to **save** to buy it?

4. How will you **earn** that amount?

5. How much **time** will it take to save it?

### The next step is to set up an algebraic equation to answer the questions.

## Example In Action

### Luna is a high schooler who has a part-time job babysitting every Saturday.

She earns $60 every month from that. She has $356 saved up in her bank account. She wants to buy a new laptop that costs $1000, and she wants it in time for final exams in 6 months.

### Set up an equation to see if she can reach her goal:

**Part A:**Will she have enough money to buy the laptop in 6 months?**Part B:**If not, how many months will it take her to save for the laptop?

## Answer the 5 questions 👉

### We know that Luna has decided to buy a laptop.

**Find out how much it costs.**The laptop costs $1000.

**How much money does she currently have?**She has $365 saved up.

**How much more money does she need to save to buy it?**See calculation below.

**How will she earn that amount?**She saves the earnings from her part-time job. She earns $60 per month.

**How much time will it take to save it?**See the calculation in the next step.

**Use the formula below** to create an algebraic equation to find the answer:

## Setting Up The Equation: Part A

### Will Luna will have enough money to buy the laptop in 6months?

Follow this equation to see if she will or not.

Here, the total amount she saves **at the end of 6 months is $725.**

### 👉 Luna won't have enough money to buy the laptop in 6 months.

$1000 - $725 = $275

### 👉 She needs $275 more to reach her goal of $1000.

## Setting Up The Equation: Part B

### How many months will it take Luna to save up for the laptop?

To answer the second part of the question, identify the known information & place it in the equation:

Here, **x = 10.58**, but this value isn't a whole number, so we need to **round it up to 11.**

### 👉 It will take Luna 11 months to save up enough to buy the laptop.

## It's Your Turn Now!

### Can you figure out the solution to the problem below?

**Question:** Ruby broke her camera, so she'd like a new one that costs $250. She wants to buy it in 5 weeks. How much does she need to save each week?

**Hint:** Place the values you know into the algebraic formula shown above and find the unknown value.

#### Quiz

How much does Ruby need to save each week?

$55

$50

$60

$45

## Worked Out Solution To The Quiz Question

### 👉 Ruby has to save $50 each week to get her camera in 5 weeks.

## Take Action

## Impress your parents with your financial planning skills!

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## This Byte has been authored by

### Chitra Krishnan

Lifelong Learner