Question

Tuition for one year at the University of Shangri-La costs $19,200 per year. Caroline would like to attend this university and will save money each month for the next 5 years. Her parents will contribute 20% for her first year's tuition. How much money will Caroline need to save each month to have enough money for the first year of college at the University of Shangri-La?​

Answer 1

To cover the first year's tuition at the University of Shangri-La, Caroline will need to save $1,120 per month for 5 years, plus her parents' contribution of 20% of $19,200, which is $3,840. In total, Caroline will need to save a total of $4,960 per month for the first year of college.