You are going to a 4 year college in 4 years that will cost $14,895.00/year your parents expect you to pay 5% of the total cost how much do you need to pay each year of attending
You need to pay $744.75 each year of attending.
To calculate this, you can multiply the total cost ($14,895.00) by 5% (0.05):
$14,895.00 x 0.05 = $744.75
Therefore, you need to pay $744.75 each year of attending college.
Is the answer 2,979.00
No, the answer is $744.75 per year, not $2,979.00.
To calculate how much you need to pay, you need to take 5% of the total cost of attending for one year, which is $14,895.00.
5% of $14,895.00 = $744.75
Therefore, you need to pay $744.75 each year of attending college.
If you wanted to save your total contribution for all 4 years before you start attending college how much do you need to save each month if you have 4 years to accomplish your goal
If you need to pay $744.75 each year of attending college and you have 4 years to save, you need to save:
$744.75 x 4 = $2,979.00
Therefore, you need to save $2,979.00 in total for all 4 years.
To calculate how much you need to save each month, you can divide the total amount by the number of months you have to save:
$2,979.00 ÷ (4 years x 12 months/year) = $62.31 per month
Therefore, you need to save $62.31 per month for 4 years in order to save up your total contribution for all 4 years of college.
To calculate the amount you need to pay each year of attending the 4-year college, follow these steps:
Step 1: Determine the total cost for 4 years of college.
Total cost for 4 years = Annual cost × Number of years
Total cost for 4 years = $14,895 × 4
Total cost for 4 years = $59,580
Step 2: Calculate 5% of the total cost.
Amount to pay (5% of total cost) = (5/100) × Total cost for 4 years
Amount to pay (5% of total cost) = (5/100) × $59,580
Amount to pay (5% of total cost) = $2,979
Therefore, you would need to pay $2,979 each year of attending the 4-year college.