The total cost of attending a private university is $52,800 for the first year.
Marcel’s grandparents will pay $26,400.
An athletic scholarship will pay another $7,000.
Marcel received an education scholarship for 25%.
Which amount is closest to the minimum that Marcel will need to save every month in order to pay off the remaining cost at the end of 12 months?
$615.27
$516.67
$1,212.50
$427.33
To find out how much Marcel will need to save every month in order to pay off the remaining cost at the end of 12 months, we first need to calculate how much he still needs to pay after the scholarships and grandparents' payment.
Total cost of attending the private university for the first year: $52,800
Amount paid by Marcel's grandparents: $26,400
Athletic scholarship: $7,000
Education scholarship (25% of $52,800): $13,200
Total amount covered by scholarships and grandparents: $26,400 + $7,000 + $13,200 = $46,600
Amount still needed to be paid by Marcel: $52,800 - $46,600 = $6,200
To pay off the remaining $6,200 at the end of 12 months, Marcel will need to save: $6,200 / 12 = $516.67
Therefore, the amount closest to the minimum that Marcel will need to save every month is $516.67.
Therefore, the answer is $516.67.