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