To determine how much Jorge needs to pay each year from his own savings and from loans, follow these steps:
1. Calculate the total costs per year:
- Tuition and Fees: \[tex]$26,000
- Room and Board: \$[/tex]12,500
Total costs = Tuition and Fees + Room and Board
[tex]\[ \text{Total costs} = 26000 + 12500 = 38500 \][/tex]
2. Calculate the total financial aid per year:
- Grants and Scholarship: \[tex]$18,500
- Work-Study: \$[/tex]8,500
Total aid = Grants and Scholarship + Work-Study
[tex]\[ \text{Total aid} = 18500 + 8500 = 27000 \][/tex]
3. Subtract the total financial aid and parents' contribution from the total costs to find out how much Jorge needs to pay:
- Parents' Contribution: \[tex]$4,500
Amount Jorge needs to pay = Total costs - Total aid - Parents' contribution
\[ \text{Amount Jorge needs to pay} = 38500 - 27000 - 4500 = 7000 \]
By following these steps, we find that Jorge needs to pay \$[/tex]7,000 each year from his own savings and from loans.
Thus, the correct answer is:
[tex]\[ \$ 7,000 \][/tex]
