Question

Leah predicts that she will need to contribute $7,000 per year for college tuition and already has $4,000 in savings. She is beginning her Junior year in high school and knows she has 2 years to save to pay for her first year. How much does Leah need to put into her savings account each month to pay for her first year?

Answer 1

125 Dollars

Explanation:

Total fee = 7000

Amount in hand = 4000

Amount to be saved in 2 years = 7000 - 4000 = 3000

No of months in 2 years = 12 x 2 = 24

Per month saving = 3000 / 24 = 125 $