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 $18,916
Room & Board $8831
Books & Supplies $1822
Transportation $951
Personal $1513
Health Insurance $1344
Loan Fees $127
Adding up all the expenses:
$18,916 (University Fees) + $8,831 (Room & Board) + $1,822 (Books & Supplies) + $951 (Transportation) + $1,513 (Personal) + $1,344 (Health Insurance) + $127 (Loan Fees) = $33,504
Since this is the estimated cost for the 9-month academic year, divide by 9 to get the monthly cost:
$33,504 / 9 = $3,723.11
Therefore, a monthly income of approximately $3,723.11 would be necessary to cover the expenses of attending a local college for the 9-month academic year.