Question

He received a grant for $1,900. What is the minimum amount Joaquin will need to contribute to his education annually if he chooses to live at home?

A.$13,035
B.$14,935
C.$20,955
D.$22,855

Answer 1

Answer: The correct answer is choice a - $13,035.

Explanation: In order to calculate Joaquin’s out of pocket cost for college you need to first calculate what the total cost for college is. In this example, he will need to pay all of the listed fees except room and board if he chooses to live at home. The total of all of the fees except room and board is $14,935. He received a grant for $1,900 which needs to be deducted from the annual cost to determine his out of pocket cost. $14,935 - 1,900 = $13,035 equals his out of pocket cost.

Answer 2

If he chooses to live at home, the room and board fees are irrelevant.
$9,450 +
$2,680 +
$1,875 +
$930 =
14,935 - the $1,900 grant =
$13,035!!