The total cost of attending a state university is $19,700 for the first year.
A student’s grandparents will pay $10,000.
An athletic scholarship will pay another $3,000.
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 24 months?
$670.00
$332.14
$558.33
$279.17
$670.00
First, we need to find the remaining cost after the grandparents' contribution and athletic scholarship:
$19,700 - $10,000 - $3,000 = $6,700
Next, we need to calculate how much the student needs to save every month in order to pay off the remaining cost in 24 months:
$6,700 / 24 months = $279.17/month
Since this is the minimum amount needed to save every month, the closest option is $670.00.