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Terrance says, “$1000 plus 5 times the amount of money I have is the same as 3 times the amount of money I have.”

 Is he in debt?

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Tony H. | Math and Physics TutorMath and Physics Tutor
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Let x = the amount of money Terrance has
 
Equation:  1000 + 5x = 3x
 
Solving for x:
 
1000 = -2x
 
x = -500
 
Terrance has negative $500.  Therefore - Yes, Terrance is in debt.