Round to the nearest penny.
You are going to a 4-year college in 4 years that will cost $14,895.00/yr. Your parents expect you to pay 5% of the total cost.
How much do you need to pay for each year of attending
To find out how much you need to pay for each year of attending, first calculate 5% of the total cost of attending for 4 years:
Total cost for 4 years = $14,895.00/yr * 4 years = $59,580.00
Amount you need to pay = 5% of $59,580.00 = 0.05 * $59,580.00 = $2,979.00
Now, divide the total amount you need to pay by 4 years to find out how much you need to pay for each year:
$2,979.00 / 4 years = $744.75
Therefore, you need to pay $744.75 for each year of attending.