SOLUTION: a college's education costs $15,000 a year and takes 4 yr. to complete . to help a needy student pay for college , the college agrees to let the student pay $500 a month for eac

Algebra ->  Inequalities -> SOLUTION: a college's education costs $15,000 a year and takes 4 yr. to complete . to help a needy student pay for college , the college agrees to let the student pay $500 a month for eac      Log On


   



Question 468181: a college's education costs $15,000 a year and takes 4 yr. to complete .
to help a needy student pay for college , the college agrees to let the
student pay $500 a month for each month during the during the 4 yr. that the
student is in college . then the student must pay off the balance over
the next 3yr. by making equal monthly payments . how much will
each of those monthly payments be ?

Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
The tuition is +15000%2A4+=+60000+ dollars
+500+ dollars/month x 12 months x 4 yrs = +24000+ dollars
+60000+-+24000+=+36000+ balance due
+36000+%2F+%28+3%2A12%29+=+1000+ dollars
The monthly payments were $1000