Question

Yulia estimates college tuition and fees, room and board, books, and other charges total $15,350. She will receive a $1500 scholarship. If she has 4 years to save, how much should Yulia save per month to cover the costs of college (minus the scholarship)? A. $288.54 B. $319.79 C. $3462.50 D. $3837.50

Answer 1

We know the the total cost of Yulia's college education is $15,350. We also know that she will receive a $1500 scholarship, so she will have to pay $15350-1500=13850$$. A year has 12 months, so 4 years have $4(12)=48$ months.
Now to find how much she will need to save each month, we are going to divide the total cost of her college education by 48 months:
$\frac{13850}{48} =288.54$

We can conclude that Yulia will have to save $288.54 per month to cover the costs of her college education. Therefore, the correct answer is: A. $288.54