AnswersDBN Personal FinanceCareers, Salaries, and Lifetime Income — Unit testQuestion 41
41
QuizMultiple Choice

Careers, Salaries, and Lifetime Income — Unit test

Question 41 • DBN Personal Finance

Marcel is nearing graduation. He just met with his counselor and she showed him this information. Marcel’s College Costs & Payment Options per YearCostsMethods of PaymentTuition & FeesGrants & Scholarships$12,500$6,500Room & BoardWork-Study$8,200$9,800If he pays the balance with a student loan, how much will he need to borrow for his first year?

Answer
A
$4,400
B
$4,400
C
$6,000
D
$6,000
E
$10,900
F
$10,900
G
$14,200
H
$14,200

Explanation

Add the first-year costs: $12,500 in tuition and fees plus $8,200 for room and board equals $20,700. Subtract the $6,500 in grants and scholarships and $9,800 from work-study, for $16,300 in payment sources. Marcel needs to borrow the remaining $4,400, which is choice A.

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