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 tullion?

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 tullion?

A Save $833.33 per month for 3 years

B Save $486.11 per month for 3 years

C Save $1,180.56 per month for 3 years

D Save $364 58 per month for 3 years

Answer 1

The total cost of tuition for one year is $30,000. Nyella's parents will give her $12,500 for her first year. Therefore, Nyella needs to save $30,000 - $12,500 = $17,500 on her own.

To calculate the minimum amount of money Nyella must save per month, we will divide the total amount she needs to save by the number of months in 3 years.

3 years = 3 years x 12 months/year = 36 months

So, Nyella must save $17,500 / 36 months = $486.11 per month.

Therefore, the correct answer is B. Save $486.11 per month for 3 years.