The total cost to attend a community college is $4000. The college offered a high school senior a scholarship for $1500. The student can get a student loan for $1000 but will need to earn enough to pay the remaining cost. It is five months until the remaining cost must be paid. What is the minimum amount the student needs to earn per month to save enough money to pay the remaining cost
300
600
500
800
In order to figure out the minimum amount the student needs to earn per month to save enough money to pay the remaining cost, we first need to determine how much the student needs to save each month.
Total cost of attending a community college: $4000
Scholarship: $1500
Student loan: $1000
Remaining cost: $4000 - $1500 - $1000 = $1500
The remaining cost must be paid in 5 months, so the student needs to save $1500 / 5 months = $300 per month.
Therefore, the minimum amount the student needs to earn per month in order to save enough money to pay the remaining cost is $300.