1. Jada's annual net price based on her family income of $52,000 is <u>$15,321</u>, according to the Tuition Tracker.
2. In 4 years, Jada will owe <u>$78,001.43</u>, including interest.
<h3>What is the annual net price?</h3>
The annual net price is Jada's <u>annual cost of attending college</u> after subtracting the grants, scholarships, tuition waivers, and other gift aids. The annual net price does not include loans but excludes the financial aid which Jada does not have to repay or earn.
The solution to question 2 is found by using an online finance calculator as follows:
<h3>Data and Calculations:</h3>
Family income per year = $52,000
High school senior GPA = 3.4
Average Annual Net Price = $18,807
Estimated Sticker Price = $24,259
Grants and Scholarships = $8,938
Estimated student loan rate = 5%
To Graduate In 4 years
Estimated Loan Amount = $15,321/year
Current Balance = $0
Loan Term = 10 years
Grace Period = 6 months
Interest Rate = 5%
Result:
Repayment: $650.01/month
Amount Borrowed: = $61,284.00 ($15,321 x 4)
Total Interest: $16,717.43
Total Loan amount to be repaid = $78,001.43
<h3>Complete Question:</h3>
- Jada is a biracial high school senior with a 3.4 GPA
- She really wants to attend North Carolina State University, her mom's alma mater
- Her family income is $52,000 per year
- She is trying to decide between two career tracks, both of which are offered by her college
- Graphic designer, because she's artistic and loves computers
- Accountant, because she's great at math and she's done job shadowing in this area.
1. Use Tuition Tracker to get an estimate of the annual net price for Jada to attend North Carolina State University. *Once you've found NCSU, be sure to change her family income at the very top of the screen to get an accurate cost.
2. Assuming the net price remains constant and she takes the entire annual net cost in student loans, how much will she owe if she graduates in 4 years?
Learn more about the annual net price at brainly.com/question/26163228
