Using the information provided in the given table, determine how much monthly income would be necessary to budget for health insurance over 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 $19,784
Room & Board $8625
Books & Supplies $1922
Transportation $929
Personal $1163
Health Insurance $875
Loan Fees $180
To determine how much monthly income would be necessary to budget for health insurance over the 9-month academic year, we first need to calculate the total estimated cost of health insurance over the academic year.
Health Insurance cost over 9 months = $875
Next, we can calculate the monthly cost of health insurance by dividing the total cost by 9 months:
Monthly cost of health insurance = $875 / 9 = $97.22
Therefore, a monthly income of approximately $97.22 would be necessary to budget for health insurance over the 9-month academic year.