The total cost of attending a state university is $19,700 for the first year.
A student’s grandparents will pay half of this cost.
An athletic scholarship will pay another $5,000.
Which amount is closest to the minimum that the student will need to save every month in order to pay off the remaining cost at the end of 12 months?
The total cost of attending a state university is $19,700 for the first year.
A student’s grandparents will pay half of this cost.
An athletic scholarship will pay another $5,000.
Which amount is closest to the minimum that the student will need to save every month in order to pay off the remaining cost at the end of 12 months?
$404.17
$612.50
$820.83
$1,029.17
First, we need to calculate the remaining cost after the grandparents and scholarship payments:
Total cost = $19,700
Grandparents payment = $19,700 / 2 = $9,850
Scholarship payment = $5,000
Remaining cost = $19,700 - $9,850 - $5,000 = $4,850
Next, we need to determine how much the student needs to save every month to pay off the remaining cost in 12 months:
Remaining cost / 12 months = $4,850 / 12 = $404.17
Therefore, the closest amount to the minimum that the student will need to save every month is $404.17.
So, the answer is $404.17.