Jin pays $341.38 every six months for car insurance. He also pays $2,783 for tuition at the
Beginning of both fall and spring semesters, and budgets $700 for books and supplies for each
Semester. If he wants to plan ahead, how much money should he put into savings every month?
Explain how you decided on that amount.

Question

Quizplus · Accepted Answer

First, calculate the total annual cost of each expense:- Car insurance: $341.38 every six months means $682.76 per year.- Tuition: $2,783 at the beginning of both fall and spring semesters means $2,783 * 2 = $5,566 per year.- Books and supplies: $700 each semester means $700 * 2 = $1,400 per year.Adding these together gives a total annual cost of $682.76 (car insurance) + $5,566 (tuition) + $1,400 (books and supplies) = $7,648.76.To find out how much he should save each month, divide the total annual cost by 12 months: $7,648.76 / 12 = $637.40.

Jin Pays $341