## PLEASE NOTE: All questions below use the same scenario. You must convert the months to years. A certain college that four students w

PLEASE NOTE: All questions below use the same scenario. You must convert the months to years. A certain college that four students want to attend charges of $8,008 for tuition and fees each year. Room and housing are an additional $8,392 per year. Calculate how much money each student and family will need to save for the first year of college.

1. How much money will the student and family below need to save for the first year of college?

Scholarship – $1,000

Grant – $1,000

Student Loan – $4,500

Months – 42

a. $16,400

b. $6,500

c. $2,828.57

d. $235.71

2. How much money will the student and family below need to save for the first year of college?

Scholarship – $6,000

Grant – $500

Student Loan – $4,500

Months – 24

a. $2,700

b. $16,400

c. $11,000

d. $225.00

3. How much money will the student and family below need to save for the first year of college?

Scholarship – $10,000

Grant – $2,000

Student Loan – $0

Months – 18

a. $16,400

b. $4,400

c. $244.44

d. $2,933.33

4. How much money will the student and family below need to save for the first year of college?

Scholarship – $3,000

Grant – $2,000

Student Loan – $4,500

Months – 39

a. $6,900

b. $176.92

c. $2,123.08

d. $16,400

## Answers ( )

Answer:

1.) C

2.) A

3.) D

4.) C

Step-by-step explanation: Given that the

$8,008 for tuition and fees each year.

Room and housing are an additional $8,392 per year.

Total = 8008 + 8392 = $16400

1.) Scholarship – $1,000

Grant – $1,000

Student Loan – $4,500

Months – 42

Yearly = 42/12 = 3.5 years

Total support = 1000 + 1000 + 4500

= $6500

Savings = 16400 – 6500 = 9900

First year savings = 9900/3.5

= 2828.57 dollars

2. Scholarship – $6,000

Grant – $500

Student Loan – $4,500

Months – 24

Yearly = 24/12 = 2

Support = 4500 + 6000 + 500

= $11000

Savings = 16400 – 11000

= 5400 dollars

First year savings = 5400/2

= 2700 dollars

3.) Scholarship – $10,000

Grant – $2,000

Student Loan – $0

Months – 18

Yearly = 18/12 = 1.5

Support = 10000 + 2000 = $12000

Savings = 16400 – 12000

= 14400 dollars

First year savings = 4400/1.5

= 2933.33 dollars

4.) Scholarship – $3,000

Grant – $2,000

Student Loan – $4,500

Months – 39

Yearly = 39/12 = 3.25

Support = 3000 + 2000 + 4500

= 9500 dollars

Savings = 16400 – 9500 = $6900

First year savings = 6900/3.25

= $2123.08