Question

The cost of tuition at a 2 year school is $14,000 per academic year. Todd is eligible for $6,500 in financial aid to cover tuition each year. He will save money for one year to cover the remaining cost of tuition for his two years of school.

What is the minimum amount of money he needs to save each month?


$540

$625

$675

$1,250

Answer 1

$625

Step-by-step explanation:

If Todd has to pay $14,000 in tuition for his school each year and uses $6,500 in financial aid each year all for 2 years, the money he needs to save can be modeled by:

2(-$14000 + $6500) + 2(12x) = 0.

x is the minimum amount of money he needs to save in order to cover this expense without debt.

Thus 2(-$14000 + $6500) + 2(12x) = 0 →

2(-$7500) + 24x = 0 → -$15000 + 24x = 0 →

24x = $15000 → x = $625

Answer 2

$625

Explanation:

If Todd has to pay $14,000 in tuition for his school each year and uses $6,500 in financial aid each year all for 2 years, the money he needs to save can be modeled by:

2(-$14000 + $6500) + 2(12x) = 0.

x is the minimum amount of money he needs to save in order to cover this expense without debt.

Thus 2(-$14000 + $6500) + 2(12x) = 0 →

2(-$7500) + 24x = 0 → -$15000 + 24x = 0 →

24x = $15000 → x = $625