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: \[ \$[/tex]8,000
\]
### 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: \[ \$[/tex]8,000
\]
