Jorge is attending college next year. He just received information on the college costs and the financial aid package the college is offering. Jorge knows his parents can contribute [tex]\[tex]$ 4,500[/tex] each year.

\begin{tabular}{|c|c|}
\hline
\textbf{Jorge's College Costs \& Financial Aid Package per Year} \\
\hline
\textbf{Costs} & \textbf{Financial Aid Package} \\
\hline
Tuition \& Fees & Grants \& Scholarship \\
\hline
[tex]\$[/tex] 26,000[/tex] & [tex]\[tex]$ 18,500[/tex] \\
\hline
Room \& Board & Work-Study \\
\hline
[tex]\$[/tex] 12,500[/tex] & [tex]\[tex]$ 8,500[/tex] \\
\hline
\end{tabular}

How much will Jorge need to pay each year from his own savings and from loans?

A. [tex]\$[/tex] 3,000[/tex]
B. [tex]\[tex]$ 7,000[/tex]
C. [tex]\$[/tex] 7,500[/tex]
D. [tex]\$ 11,500[/tex]



Answer :

To determine how much Jorge needs to pay each year from his own savings and from loans, follow these steps:

1. Calculate the total costs per year:
- Tuition and Fees: \[tex]$26,000 - Room and Board: \$[/tex]12,500

Total costs = Tuition and Fees + Room and Board
[tex]\[ \text{Total costs} = 26000 + 12500 = 38500 \][/tex]

2. Calculate the total financial aid per year:
- Grants and Scholarship: \[tex]$18,500 - Work-Study: \$[/tex]8,500

Total aid = Grants and Scholarship + Work-Study
[tex]\[ \text{Total aid} = 18500 + 8500 = 27000 \][/tex]

3. Subtract the total financial aid and parents' contribution from the total costs to find out how much Jorge needs to pay:
- Parents' Contribution: \[tex]$4,500 Amount Jorge needs to pay = Total costs - Total aid - Parents' contribution \[ \text{Amount Jorge needs to pay} = 38500 - 27000 - 4500 = 7000 \] By following these steps, we find that Jorge needs to pay \$[/tex]7,000 each year from his own savings and from loans.

Thus, the correct answer is:
[tex]\[ \$ 7,000 \][/tex]