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 $15,092
Room & Board $13,268
Books & Supplies $1999
Transportation $848
Personal $1246
Health Insurance $1503
Loan Fees $131
To determine the total cost for attending a local college for the 9-month academic year, sum up all the budget categories:
$15,092 (University Fees) + $13,268 (Room & Board) + $1999 (Books & Supplies) + $848 (Transportation)
+ $1246 (Personal) + $1503 (Health Insurance) + $131 (Loan Fees) = $34,087
Therefore, the total cost for attending a local college for the 9-month academic year is $34,087.
To cover these expenses, you would need a monthly income of:
$34,087 / 9 months = $3,787.44
Therefore, you would need approximately $3,787.44 per month to cover the expenses of attending a local college for the 9-month academic year.