Answered

Jorge is attending college next year. He just got 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 Jorge's College Costs \& Financial Aid Package per Year \\
\hline Costs & 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 :

GinnyAnswer
To determine how much Jorge needs to pay each year from his own savings and loans, we will follow these steps in detail.

1. Calculate Total College Costs:
- Tuition and Fees: \[tex]$26,000 - Room and Board: \$[/tex]12,500
- Total College Costs = Tuition and Fees + Room and Board

[tex]\[ \text{Total College Costs} = 26000 + 12500 = 38500 \][/tex]

2. Calculate Total Financial Aid:
- Grants and Scholarship: \[tex]$18,500 - Work-Study: \$[/tex]8,500
- Total Financial Aid = Grants and Scholarship + Work-Study

[tex]\[ \text{Total Financial Aid} = 18500 + 8500 = 27000 \][/tex]

3. Calculate Remaining Costs:
- Parents' Contribution: \[tex]$4,500 - Total Financial Aid: \$[/tex]27,000
- Total Remaining Costs = Total College Costs - Total Financial Aid - Parents' Contribution

[tex]\[ \text{Remaining Costs} = 38500 - 27000 - 4500 = 7000 \][/tex]

Therefore, the amount Jorge needs to pay each year from his own savings and loans is:

[tex]\[ \boxed{7000} \][/tex]