Question

You are going to a 4-year college in 4 years that will cost $14,895.00/yr. Your parents expect you to pay 5% of the total cost.

How much do you need to pay for each year of attending?

If you want to save your total contribution for all four years before you start attending college, how much do you need to save each month if you have four years to accomplish your goal?

Answer 1

The student needs to pay $744.75 yearly, which is 5% of the annual college cost. To save this amount over four years, they need to save $62.06 each month for 48 months.

Step-by-step explanation:

The student needs to calculate their contribution to the college expenses. First, we need to find 5% of the annual cost of $14,895.00 to determine the student's yearly contribution:

Yearly Contribution = $14,895.00 * 0.05 = $744.75 per year.

Next, to calculate the total contribution over four years:

Total Contribution = 4 * $744.75 = $2,979.00.

To save the total amount in four years, we divide the total contribution by the number of months in four years (48 months):

Monthly Savings = $2,979.00 / 48 = $62.06.

Therefore, the student needs to save $62.06 each month for 48 months to cover their share of college expenses.

Answer 2

If my parents are going to pay the 5%, then, they will pay: $2979.

I will need to save $62.06 each month to accomplish my goal.

Step-by-step explanation:

I'm going to a 4-year college that will cost $14895/year.

It means that I will need to pay: 14895*4 = $59.580

If my parents are going to pay the 5%, then, they will pay: $2979.

Now, if I want to save my total contribution for all four years, and I have four years to accomplish the goal, then:

Then, if I have 4 years to pay it. It means I have 4*12 = 48 months.

Then I will need to save $2979./48 = $62.06 each month to accomplish my goal.