Question

Tuition for one year at the State University Nick would like to attend is about $18,000 Nick plans to save money each month for the next four years to help pay for his first year if his parents plan to contribute to 12000 towards his first year what is the minimum amount Nick must save each month to have enough money to pay for his year first year tuition

Answer 1

Nick must save up $125 each month.

Explanation:

In order to find this, we first have to find the number of months he has. We can do this by multiplying the number of years by 12.

4 * 12 = 48

Now we need to know how much he needs to save. We can find this by taking the total cost and subtracting his parental contribution.

18,000 - 12,000 = 6,000

Now that he have the amount he needs to save and the number of months he has, we can divide the two to get the monthly savings he will need.

6,000/48 = $125