20
QuizMultiple Choice

Financial Goals

Question 20 • Financial Math - MA2007 CR

Sheila has a plan to save $45 a month for 18 months so that she has $810 to remodel her bathroom. After 13 months Sheila has saved $510. If the most Sheila can possibly save is $70 per month, which of the following statements is true?

Answer
A
Sheila will meet her goal and does not need to adjust her plan.
B
Sheila must save $50 per month to achieve her goal.
C
Sheila must save $60 per month to achieve her goal.
D
Sheila will not be able to achieve her goal. Plea

Explanation

Sheila has saved $510 toward her $810 goal, so she still needs $810 − $510 = $300. There are 18 − 13 = 5 months left, and $300 ÷ 5 = $60 per month. Since $60 is no more than the $70 monthly maximum, she can reach her goal by saving $60 per month, as stated in choice C.

AI-written and checked against the verified answer.

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