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 tuition?

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 tuition?

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

Save $364.58 per month for 3 years

Answer 1

We need to find out the total amount of money that Nyella needs to save in order to have enough for her first year of tuition. Her parents will give her $12,500, so she needs to save an additional amount.

Since tuition for one year is $30,000 and her parents are giving her $12,500, she needs to save $30,000 - $12,500 = $17,500.

Now we need to divide this amount by the number of months she has to save, which is 3 years or 12 months per year for a total of 3 * 12 = 36 months.

Therefore, Nyella needs to save $17,500 / 36 = $486.11 per month.

The correct answer is B. Save $486.11 per month for 3 years.