Math Problem Statement

The total cost of attending a state university is $19,700 for the first year.

A student’s grandparents will pay half of this cost. An athletic scholarship will pay another $5,000.

Which amount is closest to the minimum that the student will need to save every month in order to pay off the remaining cost at the end of 12 months?

Solution

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Math Problem Analysis

Mathematical Concepts

Basic Algebra
Division
Subtraction
Budget Planning

Formulas

Half of the total cost = Total cost / 2
Remaining cost = Total cost - (Grandparents' contribution + Scholarship)
Monthly savings = Remaining cost / 12

Theorems

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Suitable Grade Level

Grades 6-8