Question

Eva wants to attend Texas A&M University. The annual cost of tuition is approximately $10,200. She got a scholarship for outstanding grades that will cover 80% of her tuition. She has 24 months to save the money to pay for her first year of tuition. How much money should she save per month to cover her tuition for the first year?

A) $850
B) $600
C) $340
D) $510

Answer 1

Eva should save $85 per month to cover the remaining 20% of her tuition cost that is not covered by the scholarship. The available options do not match the calculated amount.

Step-by-step explanation:

Eva got a scholarship that covers 80% of her annual tuition for Texas A&M University, which is $10,200. To calculate the amount she needs to save, we start by finding the amount the scholarship does not cover. Since 80% is covered, she needs to pay for the remaining 20% of the tuition. Calculating 20% of $10,200 gives us $10,200 * 0.20 = $2,040. Eva has 24 months to save this amount, so we then divide $2,040 by 24 months to find the monthly savings needed.

Monthly savings required = $2,040 / 24 months = $85 per month.

Therefore, the correct answer is not listed in the options provided by the student. There seems to be a mistake, as none of the options match the correct calculation. Eva should save $85 per month to cover her tuition for the first year after the scholarship is applied.