1 Muitiple Choice 1 point The price to attend SMU is about \( \$ 86,000 \) per year. Your family has agreed to pay \( 30 \% \) of the tuition costs. You are a star athlete who will earn a \( \$ 26,000 \) scholarship. In addition, you will earn \( \$ 2,250 \) from the work-study program. You have 4 years to save up enough money to pay for the first year. About how much do you have to save per month? About \( \$ 1,250 \) per month About \( \$ 1,800 \) per month About \( \$ 665 \) per month About \( \$ 710 \) per month Clear my selection

To determine how much you need to save each month to cover the remaining cost for the first year at SMU, let's break down the expenses and contributions: 1. **Total Cost for First Year:** \[ \$86,000 \] 2. **Family Contribution (30% of tuition):** \[ 0.30 \times \$86,000 = \$25,800 \] 3. **Scholarship:** \[ \$26,000 \] 4. **Work-Study Earnings:** \[ \$2,250 \] 5. **Total Contributions:** \[ \$25,800 + \$26,000 + \$2,250 = \$54,050 \] 6. **Amount Needed to Save:** \[ \$86,000 - \$54,050 = \$31,950 \] 7. **Time Frame:** \[ 4 \text{ years} = 48 \text{ months} \] 8. **Monthly Savings Required:** \[ \frac{\$31,950}{48} \approx \$665 \text{ per month} \] **Answer:** About \( \$ 665 \) per month