Question

Felipe plans to attend college and he starts saving $300 per month to pay for it. He will need $24,600 to pay the first year cost. His aunt gave him a special gift of $3000 to use towards the cost. How many years will it take for Felipe to save enough money for the first year cost?

Answer 1

Subtract 3000 from 24600. That gives you 21600.
Divide this number by 300

21600 / 300 = 72 payments.

Each year has 12 months
72/12 = 6

It will take him 6 years to save up enough to go to college.