Question

Using the information provided in the given table, determine how much monthly income would be necessary to budget for room and board over the 9-month academic year. Round your answer to the nearest cent, if necessary.

Estimated Cost of Local College Next Academic Year
Budget Category On-Campus Student
University Fees $8232
Room & Board $12,648
Books & Supplies $1149
Transportation $1072
Personal $1347
Health Insurance $1271
Loan Fees $175

Answer 1

To budget for room and board over the 9-month academic year, you would need to calculate the monthly cost by dividing the total cost by 9.

$12,648 / 9 = $1,405.33

Therefore, you would need approximately $1,405.33 per month for room and board expenses over the 9-month academic year.