Question

26. Math Nancy’s college tuition and fees come to

$9,500 per year. She spends $1,200 each year

on books and supplies. In addition, she has liv-
ing expenses of $11,600 per year. She has three

sources of income: financial aid of $3,500 per year,

a scholarship that pays one-half of her tuition, and

a work-study job from which she earns $5,300 per

year.

a. How much income does Nancy receive each

year from her three sources of income?

b. How much does it cost Nancy to go to this col-
lege each year?

c. What percentage of her annual college costs

is covered by her three sources of income?

(Round off your answer.)

d. How much money does Nancy need to borrow

each year?

Answer 1

A.)
Financial Aid = $3,500 per year
Scholarship =
`(1)/(2)` of tuition
Word-study job = $5,300 per year
Tuition = $9,500 a year

Remember that scholarship pays for half of tuition so divide $9,500 by 2
9,500 ÷ 2 = $4,750
So now, it should be 3,500 + 4,750 + 5,300 which equals $13,550 a year from her "three" sources of income.

Technically, there are only 2 sources of income: financial aid and the work-study job since scholarships are only to be used for school, but let's not go there right now. I'll explain later in the comments if you ask.

B.)
$9,500 + $1,200 + $11,600 = $22,300 without the scholarship
$4,750 + $1,200 + $11,600 = $17,550 with the scholarship

C.)
$9,500 + $1,200 + $11,600 = $22,300
Sources of income: $3,500 + $4,750 (1/2 tuition off) + $5,300 = $13,550 income
$22,300 - $13,550 = $8,750
8,750 ÷ 22,300 = 0.39
0.39 x 100 (total percent) = 39%
100% - 39% = 61%
61% of her annual college costs are covered by her three sources of income.

D.)
$9,500 + $1,200 + $11,600 = $22,300 - total cost to go to the college
$3,500 + $5,300 + $4,750 = $13,550 income
$22,300 - $8,800 = $13,500
She has to borrow $13,500 each year.