The total cost of attending a 2-year college is $24,000 for the first year.
A student’s parents will pay half of this cost.
An academic scholarship will pay another $500.
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?
Responses
A $1,000.00$1,000.00
B $958.33$958.33
C $1,958.33$1,958.33
D $11,500.00
The student's parents will pay half of the cost, which is $24,000/2 = $<<24000/2=12000>>12,000.
The academic scholarship will pay another $500, so the remaining cost is $24,000 - $12,000 - $500 = $<<24000-12000-500=11500>>11,500.
The student needs to save $11,500 in 12 months, so they need to save $11,500/12 = $<<11500/12=958.33>>958.33 per month.
Therefore, the answer is B) $958.33.