Using the information provided in the given table, determine how much monthly income would be necessary to budget in order to cover the expenses of attending a local college for the 9-month academic year. Round your answer to the nearest cent, if necessary.
Estimated Cost of Local College Next Academic Year
Budget Category On-Campus Student
University Fees $9961
Room & Board $18,441
Books & Supplies $1743
Transportation $783
Personal $1742
Health Insurance $1747
Loan Fees $176
To calculate the total estimated cost for attending the local college for the 9-month academic year, simply sum up the costs for each category:
$9961 (University Fees) + $18,441 (Room & Board) + $1743 (Books & Supplies) + $783 (Transportation) + $1742 (Personal) + $1747 (Health Insurance) + $176 (Loan Fees) = $43,593
Therefore, the total estimated cost for attending the local college for the 9-month academic year is $43,593.
To cover these expenses, a monthly income needed would be $43,593 divided by 9, which equals $4,843 per month.
Thus, in order to budget for attending the local college for the 9-month academic year, a monthly income of $4,843 would be necessary.