Question

Jamal plans to attend a 4-year private university. He will receive $8,200 in scholarships and grants each year, and he will earn $1,900 each year through a work study program.




Including his financial aid, what is Jamal’s estimated cost per year? $


Jamal’s family will contribute $21,000 each year. How much will Jamal need to contribute? $


Jamal has one year to save enough for his first year’s contributions. Complete each statement to show how much Jamal will need to save each month based on his current savings.


If Jamal currently has $0 in savings, he will need to save $

each month.

If Jamal currently has $1,000 in savings, he will need to save $

each month.

If Jamal currently has $2,000 in savings, he will need to save $

each month

Answer 1

Based on the scholarships and grants that Jamal will receive, his estimated cost per year is $25,050.

If his family contributes $21,000, he will have to contribute $4,050.

If Jamal has $0 in savings, the amount to save each month is $337.50.

If Jamal has $1,000 in savings, the amount to save each month is $254.17.

If Jamal has $2,000 in savings, the amount to save each month is $170.83.

What is Jamal's estimated cost?

= Cost per year of private university - Scholarships - Work study program

= (25,100 + 8,000 + 1,300 + 750) - 8,200 - 1,900

= 35,150 - 8,200 - 1,900

= $25,050

What amount will he contribute if his family contributes?

= Estimated cost - family contribution

= 25,050 - 21,000

= $4,050

What amount should Jamal save?

The amount that Jamal should save monthly can be found as:

= (Amount to contribute - Amount already saved ) / Number of months in year

If Jamal has $0, he should save:

= (4,050 - 0) / 12

= $337.50

If Jamal has $1,000:

= (4,050 - 1,000) / 12

= $254.17

If Jamal has $2,000:
= (4,050 - 2,000) / 12

= $170.83

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