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Annika is attending college next year. She just got 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
\multicolumn{2}{|c|}{ Annika's College Costs \& Financial Aid Package per Year } \\
\hline
Costs & Financial Aid Package \\
\hline
Tuition \& Fees & Grants \& Scholarships \\
\hline
\$[/tex]21,500 & \[tex]$10,500 \\
\hline
Room \& Board & Work-Study \\
\hline
\$[/tex]13,500 & \[tex]$9,000 \\
\hline
\end{tabular}

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

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



Answer :

GinnyAnswer
To determine how much Annika will need to pay each year from her own savings and from loans, we need to go through the following steps:

1. Calculate the Total College Costs:
- Tuition & Fees: \[tex]$21,500 - Room & Board: \$[/tex]13,500
- Total Cost = Tuition & Fees + Room & Board
- Total Cost = \[tex]$21,500 + \$[/tex]13,500 = \[tex]$35,000 2. Calculate the Total Financial Aid: - Grants & Scholarship: \$[/tex]10,500
- Work-Study: \[tex]$9,000 - Total Aid = Grants & Scholarship + Work-Study - Total Aid = \$[/tex]10,500 + \[tex]$9,000 = \$[/tex]19,500

3. Include Parents' Contribution:
- Parents' Contribution: \[tex]$7,500 4. Determine the Amount Annika Needs to Pay: - Amount to Pay = Total Cost - Total Aid - Parents' Contribution - Amount to Pay = \$[/tex]35,000 - \[tex]$19,500 - \$[/tex]7,500
- Amount to Pay = \[tex]$35,000 - \$[/tex]27,000
- Amount to Pay = \[tex]$8,000 So, Annika will need to pay \$[/tex]8,000 each year from her own savings and from loans.

Therefore, the correct answer is \$8,000.

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