Question

Viviana was accepted to attend a 4-year private university that costs $48,000 per year for tuition. The university offered financial aid that covers 50% of her tuition expenses. Her parents are able to contribute $10,000 towards her tuition each year. If she also receives a local scholarship for $2,000, how much money will Viviana need to save each month over the next 2 years to fulfill her first year of tuition

Answer 1

She needs to save $500 each month over the next 2 years to fulfill her first year of tuition.

Explanation:

Consider the provided information.

She needs $48,000 per year for tuition.

The university offered financial aid that covers 50% of her tuition expenses.

It means she needs to pay only 50% of $48,000 per year for the tuition fee.

`50\% * 48,000=(50)/(100)*48,000`

`=24,000`

Now she needs $24,000 for tuition expenses.

Her parents contribute $10,000 for tuition each year and she receives a local scholarship for $2,000.

Now, for the first year of tuition, she needs=$24,000-$10,000-$2000

=$12,000

In 2 years there are 24 months, which means she needs to save $12,000 in 24 months.

Amount she needs to save each month =
`(\$12000)/(24)=\$500`

Hence, she needs to save $500 each month over the next 2 years to fulfill her first year of tuition.