Question

Brinkley decided that she was going to go to a culinary school, which was going to cost a total of $23,250 for 4 years. She earned a scholarship that was going to pay for $6,000 total. How much would she need to save each month to pay for the rest of the cost, if she was going to save for 3-years?


$5,750


$718.50


$479.17


$368.24

Answer 1

$368.24

Total cost after scholarship: $23,250 - $6,000 = $17,250
Total amount to save in 3 years: $17,250

Monthly savings needed: $17,250 / (3 years * 12 months) = $17,250 / 36 = $479.17

She would need to save $479.17 each month to pay for the rest of the cost in 3 years.