Iman has 48 months to save $18,000, the maximum amount he estimates his first year of college will cost. He does not want to depend on interest, and does not consider interest when determining his minimum monthly savings goal. What is the minimum amount he should save per month to achieve his goal?

Question

Revolt · Accepted Answer

$375.00

Planning for the Cost of College

Iman has 48 months to save $18,000, the maximum amount he estimates his first year of college will cost. He does not want to depend on interest, and does not consider interest when determining his minimum monthly savings goal. What is the minimum amount he should save per month to achieve his goal?

Explanation

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