Annika is attending college next year. She just received information on the college costs and the financial aid package the college is offering. Annika knows her parents can contribute [tex] \[tex]$7,500 [/tex] each year.

\begin{tabular}{|c|c|}
\hline
Annika's College Costs \& Financial Aid Package per Year \\
\hline
Costs & Financial Aid Package \\
\hline
Tuition \& Fees & Grants \& Scholarships \\
\hline
[tex] \$[/tex]21,500 [/tex] & [tex] \[tex]$10,500 [/tex] \\
\hline
Room \& Board & Work-Study \\
\hline
[tex] \$[/tex]13,500 [/tex] & [tex] \[tex]$9,000 [/tex] \\
\hline
\end{tabular}

How much will Annika need to pay each year from her own savings and from loans?

A. [tex] \$[/tex]8,000 [/tex]
B. [tex] \[tex]$11,000 [/tex]
C. [tex] \$[/tex]15,500 [/tex]
D. [tex] \$17,000 [/tex]



Answer :

Let's break down Annika's college costs and financial aid package in a detailed step-by-step manner to determine how much she will need to pay each year from her own savings and loans.

### 1. Calculate Total Costs
The total annual cost consists of the sum of tuition & fees and room & board:
- Tuition & Fees: \[tex]$21,500 - Room & Board: \$[/tex]13,500

#### Total Costs:
[tex]\[ \text{Total Costs} = \$21,500 + \$13,500 = \$35,000 \][/tex]

### 2. Calculate Total Financial Aid
The total financial aid consists of the sum of grants & scholarships, work-study, and parental contributions:
- Grants & Scholarships: \[tex]$10,500 - Work-Study: \$[/tex]9,000
- Parents' Contribution: \[tex]$7,500 #### Total Financial Aid: \[ \text{Total Financial Aid} = \$[/tex]10,500 + \[tex]$9,000 + \$[/tex]7,500 = \[tex]$27,000 \] ### 3. Determine Amount Annika Needs to Pay The amount Annika needs to pay from her own savings and loans is the total costs minus the total financial aid received: \[ \text{Annika's Needed Contribution} = \text{Total Costs} - \text{Total Financial Aid} \] \[ \text{Annika's Needed Contribution} = \$[/tex]35,000 - \[tex]$27,000 = \$[/tex]8,000
\]

### Conclusion
Annika will need to pay \[tex]$8,000 each year from her own savings and loans. Therefore, the correct answer is: \[ \$[/tex]8,000
\]