Question

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.

Answer 1

They expect you to pay $2,979 of all 4 years... and you need to save about $62 or $63 a month before you start attending

Answer 2

Answer:

If my parents are going to pay the 5%, then, they will pay: $2979.

I will need to save $62.06 each month to accomplish my goal.

Step-by-step explanation:

I'm going to a 4-year college that will cost $14895/year.

It means that I will need to pay: 14895*4 = $59.580

If my parents are going to pay the 5%, then, they will pay: $2979.

Now, if I want to save my total contribution for all four years, and I have four years to accomplish  the goal, then:

Then, if I have 4 years to pay it. It means I have 4*12 = 48 months.

Then I will need to save $2979./48 = $62.06 each month to accomplish my goal.