Tuition for one year at a state university is about $30,000. Nyella would like to attend this university and will save money each month for the next 3 years. Her parents will give her $12,500 for her first year of tuition. What plan shows the minimum amount of money Nyella must save to have enough money to her first year of tuition?

Question

Tuition for one year at a state university is about $30,000. Nyella would like to attend this university and will save money each month for the next 3 years. Her parents will give her $12,500 for her first year of tuition. What plan shows the minimum amount of money Nyella must save to have enough money to her first year of tuition?

Responses
A Save $833.33 per month for 3 yearsSave $833.33 per month for 3 years
B Save $486.11 per month for 3 yearsSave $486.11 per month for 3 years
C Save $1,180.56 per month for 3 yearsSave $1,180.56 per month for 3 years
D Save $364.58 per month for 3 years

Answer 1

The correct answer is B. Save $486.11 per month for 3 years.

To find this amount, divide the total tuition cost ($30,000) by the number of months in 3 years (36 months):

$30,000 / 36 = $833.33

Then subtract the $12,500 that her parents will give her:

$833.33 - $12,500 = $486.11

Therefore, Nyella must save $486.11 per month for 3 years in order to have enough money for her first year of tuition.