Question

Jamal needs to contribute $4,050 towards his first year of college. If he has 1 year to save and $1,000 in his savings account already, how much money does he need to save each month to his expenses covered?

Answer 1

Jamal needs to save $254.17 each month to cover his expenses.

Explanation:

We know that there are 12 months in a year, and Jamal already has $1,000 towards college. Jamal still needs to save $3,050 more dollars because: 4,050 - 1,000 = 3,050. Next, we take how much he has yet to pay ($3,050) divided by how many months in 1 year (12), and that gives us 254.17 per month.