asked 172k views
4 votes
Kyle is planning for college at Texas Tech University. Tuition is $9500 per semester. His parents plan on paying 75% of his first full year of college. How much money does Kyle need to save each month for 3 years to pay for school?

1 Answer

1 vote
The first year of college has 2 semesters, so the total tuition cost for the first year is:

2 semesters * $9500/semester = $19,000

His parents plan on paying 75% of his first full year of college, so the amount Kyle needs to pay for the first year is:

$19,000 - 0.75*$19,000 = $4,750

Kyle needs to pay $4,750 for the first year of college. He will be attending college for 4 years, so the total cost of tuition will be:

4 years * $19,000/year = $76,000

To save this amount in 3 years, Kyle needs to save:

$76,000 / 3 years / 12 months = $2,111.11 per month

Therefore, Kyle needs to save $2,111.11 per month for 3 years to pay for college.
answered
User Floriankrueger
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