Question

Mary is applying to a college which has a tuition of $15,000 per year. Her

parents will pay half of the annual amount, and she received a scholarship
of $4000 that she can use to pay the remaining cost. How much money
should Mary save every month, if she has 2 years to save money for the
first year of college?
A. $145.83
B. $625.00
C. $458.33
D. $1750.00

Answer 1

A. $145.83

Explanation:

The first year is $15,000.

Her parents are paying half.

So that means $15,000-$7500 = $7500 left.

Next subtract the scholarship of $4000.

$7500-$4000 = $3500. That's the amount left that Mary needs to save up for.

Mary has 2 years to save. That's 24 months.

$3500/24 = 145.833333333 = $145.83 per month. So pick option A.

Answer 2

The answer is A. $145.83

Explanation:

The total cost of tuition for one year is $15,000. Mary's parents will pay half of this amount, which is $15,000 / 2 = $7,500. Mary has a scholarship of $4,000, so the amount she needs to save for the first year of college is:

$15,000 - $7,500 - $4,000 = $3,500

Mary has 2 years to save this amount, so she needs to save:

$3,500 / 2 = $1,750 per year

To find out how much Mary needs to save every month, we divide the yearly amount by the number of months in a year:

$1,750 / 12 = $145.83

Therefore, Mary needs to save $145.83 every month for 2 years in order to have enough money to pay for the first year of college. The answer is A. $145.83.