The total annual cost to attend a community college is $5,000. The college offered a high
school senior a scholarship for $1,800. The student can get a loan for $1,200 but will
need to earn enough to pay the remaining cost. It is 4 months until the remaining cost
must be paid.
What is the minimum amount the student needs to earn per month to save enough money
to pay the remaining cost?
$300
$600
$500
$800
To find the minimum amount the student needs to earn per month to save enough money to pay the remaining cost, we first need to find out how much the remaining cost is after the scholarship and loan are applied.
Total cost to attend the college: $5,000
Scholarship received: $1,800
Loan received: $1,200
Remaining cost = Total cost - Scholarship - Loan
Remaining cost = $5,000 - $1,800 - $1,200
Remaining cost = $2,000
Now, since there are 4 months until the remaining cost must be paid, the student needs to save $2,000 in 4 months.
Amount the student needs to earn per month = Remaining cost / Number of months
Amount the student needs to earn per month = $2,000 / 4
Amount the student needs to earn per month = $500
Therefore, the minimum amount the student needs to earn per month to save enough money to pay the remaining cost is $500.
So, the answer is $500.