Question

Myra and her family are discussing how to pay for her college education the cost of tuition at the college is $15,000 per year her parents will pay 70% of the tuition cost every year and she will pay the rest Myra has one year to save money for her first year of college what is the minimum amount of money she should save every month

Answer 1

The cost of tuition is $15000 per year. If her parents pay 70% of the tuition fee per year, It meansthat the amount that they would pay per year is

70/100 * 15000 = 10500

Since she will pay the rest, it means that the amount that she would pay is

15000 - 10500 = 4500

Given that she has one year to save this amount and there are 12 months in a year, then the minimum amount that she should save every month is

4500/12 = 375

The minimum amount that she should save each month is $375