Question

The total cost of attending a state university is $21,800 for the first year. A students parents will pay for 30% of this cost. An athletic scholarship will pay another $5,600. The student has $3,800 saved in the bank for college. Which amount is closes to the minimum that the student will need to save every month in order to pay off the remaining cost at the end of 12 months?

Answer 1

$488.33 monthly savings

Explanation:

Parent payment 30% of $21,800 is $6,540.

Subtract all payment from total cost.

21,800−6,540−5,600−3,800=5,680.

Split this into monthly payment by dividing 5,680 by 12 months.

5,680÷12= $488.33