Which of the following is true of the 529 plan? a. you can use it only for four-year colleges b. your chances of being admitted to college are higher if you have the plan c. you do not get taxed on money not used for college expenses d. its does not guarantee admission to college

So the only thing that a 529 plan does is help you save for money, it's basically a savings plan that you deposit money in, that doesn't get taxed once you withdraw from it. You can also use it for any school, some even parents even use them for their child's private school tuition. But you can only use the money for school related expenses, otherwise it will get taxed. Also this may affect the financial aid you receive but that's it. It has nothing to do with whether you get accepted into a college or not. So with that being said, I think that the correct answer is D.

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23