The Alvarez family bought a car for $2,000 they made a down payment of $500 if they want to pay the balance in 5 equal payments how much would each of these payments be

Actual cost of the car bought by Alvarez family = $2000

Amount of down payment made by the Alvarez family = $500

Outstanding amount

that has to be paid by the Alvarez family = (2000 - 500) dollars

= 1500 dollars

Number of equal payments to pay the outstanding balance = 5

So

Payment that has to be made

by the Alvarez family in 5 equal parts = 1500/5 dollars

= 300 dollars

So the Alvarez family has to make 5 payments of $500 to complete the outstanding amount of the car. I hope the procedure is clear enough for you to understand.