Luke’s parents started a savings account to help him pay for college or a technology school when he turned 11 years old. Each month they put $125 into the savings account, and they continued this until he was 18 years old. The savings account did not accumulate any interest. Luke figured out that the first year of a technology school that he wanted to attend would cost him $12,480. If he had one year to save the rest of the money, how much would he need to save each month? A. 165
B.40
C.1980
D.1040
Answers
B has a savings account, into which he must deposit $40 each month.
What's the point of the example?
Interest is frequently calculated as an annual percentage of the amount borrowed. This percentage represents the loan's interest rate. For instance, a bank will pay interest if you deposit money in a high-yield savings account.
From the time he was 11 to the time he was 18, Luke's parents saved for him for 8 years, or 8 years x 12 months every year, or 96 months.
Since they were saving $125 per month throughout this time, Luke had amassed the following sum:
$125/month x 96 months = $12,000
Luke must still pay the following expenses because he needs $12,480 for his first year of technological school:
$12,480 - $12,000 = $480
If he has one year left to save this amount, he will need to save:
$480÷12months = $40per month
Therefore, the answer is B. $40.
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