Question

Anna's college tuition payment is automatically

withdrawn from a separate checking account used only

to pay tuition. At the beginning of the year, the balance

in this account was $13,287.48. After withdrawals each

month for a year, the balance is $1,449.84. How much is

Anna's college tuition payment each month? Estimate to

show that your answer is reasonable.

Answer 1

Answer: $‭986.47‬

Explanation:

The total tuition fee for the year is;

= 13,287.48 - 1,449.84

= $‭11,837.64‬

The payment per month will therefore be;

= ‭11,837.64‬/12 months

= $‭986.47‬