lucymitch311
Answered

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Eric has a medium-term goal of funding one year of community college after he graduates
from high school in two years. Each class costs $125 per credit hour. Eric plans to take 15 credit
hours per semester for a total of 30 credit hours per year. How much money does he need to
save per month to reach his goal in two years?

Sagot :

MrRoyal

His saving plan is a function of the rate of savings per month. The monthly savings to reach his goals is: [tex]\$156.25[/tex]

Given that:

[tex]Class = \$125\ per\ credit\ hour[/tex]

[tex]Credit\ hour = 15[/tex] per semester

For a semester, the total cost is:

[tex]Semester = Class \times Credit\ hour[/tex]

[tex]Semester = \$125 \times 15[/tex]

[tex]Semester = \$1875[/tex]

For 2 semesters, the total cost is:

[tex]Total = 2 \times Semester[/tex]

[tex]Total = 2 \times \$1875[/tex]

[tex]Total = \$3750[/tex]

He plans to save for 2 years (i.e. 24 months).

So, the monthly saving is:

[tex]Monthly = \frac{Total}{24}[/tex]

[tex]Monthly = \frac{\$3750}{24}[/tex]

[tex]Monthly = \$156.25[/tex]

Hence, the monthly savings to reach his goals is: [tex]\$156.25[/tex]

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