Using the information provided in the given table, determine how much monthly income would be necessary to budget in order to cover the expenses of attending a local college for the 9-month academic year. Round your answer to the nearest cent, if necessary.
Estimated Cost of Local College Next Academic Year
Budget Category On-Campus Student
University Fees $12,004
Room & Board $9148
Books & Supplies $1719
Transportation $602
Personal $1349
Health Insurance $1584
Loan Fees $227
To determine the total expenses for attending a local college for the 9-month academic year, you will add up all the budget categories:
$12,004 (University Fees) + $9,148 (Room & Board) + $1,719 (Books & Supplies) + $602 (Transportation) + $1,349 (Personal) + $1,584 (Health Insurance) + $227 (Loan Fees) = $27,633
Therefore, the total expenses for attending a local college for the 9-month academic year would be $27,633.
To cover these expenses, a monthly income of $27,633 / 9 months = $3,070.33 would be necessary, rounded to the nearest cent.
So, you would need a monthly income of $3,070.33 to budget in order to cover the expenses of attending a local college for the 9-month academic year.