Question

Round to the nearest penny.

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.

How much do you need to pay for each year of attending

Answer 1

To find out how much you need to pay for each year of attending, first calculate 5% of the total cost of attending for 4 years:

Total cost for 4 years = $14,895.00/yr * 4 years = $59,580.00
Amount you need to pay = 5% of $59,580.00 = 0.05 * $59,580.00 = $2,979.00

Now, divide the total amount you need to pay by 4 years to find out how much you need to pay for each year:

$2,979.00 / 4 years = $744.75

Therefore, you need to pay $744.75 for each year of attending.