Question

The total cost of attending a state university is $20,000 for the first year. The student's grandparents will pay half of this cost. An academic scholarship will pay another $5,000. Which amount is closest to the minimum that the student will need to save every month in order to pay off the remaining cost at the end of the 12 months?

Answer 1

Answer: The student will need to save about 416.66 dollars a month.

Explanation:

Step 1. Find out how much the student will need to pay themselves.

20,000 - 10,000 (grandparents) - 5,000 (scholarship) = 5,000

Step 2. Divide the student's cost by the number of months

5,000/12 = about 416.66