To determine how much Jorge will need to pay each year from his own savings and from loans, we need to follow these steps:
1. Calculate the total costs per year:
- Tuition & Fees: \[tex]$26,000
- Room & Board: \$[/tex]12,500
- Total Costs:
[tex]\[
26,000 + 12,500 = 38,500\ \text{dollars}
\][/tex]
2. Calculate the total financial aid per year:
- Grants & Scholarships: \[tex]$18,500
- Work-Study: \$[/tex]8,500
[tex]\[
18,500 + 8,500 = 27,000\ \text{dollars}
\][/tex]
3. Calculate the amount Jorge's parents will contribute per year:
- Parents' Contribution: \[tex]$4,500
4. Calculate the total amount covered by financial aid and parents' contribution:
\[
\text{Total Financial Aid} + \text{Parents' Contribution} = 27,000 + 4,500 = 31,500\ \text{dollars}
\]
5. Calculate the amount Jorge needs to cover from his own savings and from loans:
- Total Costs: \$[/tex]38,500
- Total Amount Covered: \[tex]$31,500
- Amount to Cover:
\[
38,500 - 31,500 = 7,000\ \text{dollars}
\]
Therefore, Jorge will need to pay \$[/tex]7,000 each year from his own savings and from loans.
The correct answer is:
[tex]\[
\boxed{7,000\ \text{dollars}}
\][/tex]
