Question

Viviana was accepted to attend a 4-year private university that costs $48,000 per year for tuition. The university offered financial aid that covers 50% of her tuition expenses. Her parents are able to contribute $10,000 towards her tuition each year. If she also receives a local scholarship for $2,000, how much money will Viviana need to save each month over the next 2 years to fulfill her first year of tuition

Answer 1

Answer:

She needs to save $500 each month over the next 2 years to fulfill her first year of tuition.

Step-by-step explanation:

Consider the provided information.

She needs $48,000 per year for tuition.

The university offered financial aid that covers 50% of her tuition expenses.

It means she needs to pay only 50% of $48,000 per year for the tuition fee.

$50\% \times 48,000=\frac{50}{100}\times48,000$

                      $=24,000$

Now she needs $24,000 for tuition expenses.

Her parents contribute $10,000 for tuition each year and she receives a local scholarship for $2,000.

Now, for the first year of tuition, she needs=$24,000-$10,000-$2000

                                                                       =$12,000

In 2 years there are 24 months, which means she needs to save $12,000 in 24 months.

Amount she needs to save each month = $\dfrac{\ 12000}{24}=\ 500$

Hence, she needs to save $500 each month over the next 2 years to fulfill her first year of tuition.