$700 exists a reasonable estimate of the amount Emily and her family should save each month for the next 6 years to pay for her first year of college.
The expense of borrowing money from a lender is referred to as interest. Interest can be either simple or compound and is typically expressed as a percentage of the principal borrowed. It's simple to keep track of your costs from anywhere thanks to accounting and invoicing software. The fee you pay to borrow money or the fee you charge to lend money is called interest. The most common way to represent interest is as a yearly percentage of the loan amount. The interest rate on the loan is known as this percentage. For instance, if you put money in a savings account, a bank will provide you interest.
Hence, $700 exists a reasonable estimate of the amount Emily and her family should save each month for the next 6 years to pay for her first year of college.
The complete question is,
Emily is using the table to determine the minimum amount of money she should save monthly if she is to have enough money to pay for her first year of college. She anticipates receiving $6,000 in grants and has 6 years to save in a college savings account. Without including any interest earned, what is a reasonable estimate of the amount Emily and her family should save each month for the next 6 years to pay for her first year of college?
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