Questions: (a) Below is an estimate of all his expenses and sources of funding for his 2-year college education. For each, select whether it is an expense or a source of funding. - Tuition and fees: 6220 - Family contribution: 10,020 - Housing and food: 14,120 - Personal expenses: 2720 - Scholarships: 10,020 - Books and supplies: 2480 - Student loans: 9620 - Transportation: 3040 (b) What is the total of his estimated expenses? (c) What is the total of his estimated funding? (d) Can Alan expect to have enough money for his education? How much is the difference? Yes. He will have more than he needs. No. He will need an additional .

Solution Steps

(a) Identify each item as either an expense or a source of funding. (b) Sum all the expenses to get the total estimated expenses. (c) Sum all the sources of funding to get the total estimated funding. (d) Compare the total funding with the total expenses to determine if there is a surplus or deficit, and calculate the difference.

We categorize each item as either an expense or a source of funding.

Expenses:

• Tuition and fees: \$6220
• Housing and food: \$14120
• Personal expenses: \$2720
• Books and supplies: \$2480
• Transportation: \$3040

Funding:

• Family contribution: \$10020
• Scholarships: \$10020
• Student loans: \$9620

Sum all the expenses: \[ \text{Total Expenses} = 6220 + 14120 + 2720 + 2480 + 3040 = 28580 \]

Sum all the sources of funding: \[ \text{Total Funding} = 10020 + 10020 + 9620 = 29660 \]

Compare the total funding with the total expenses: \[ \text{Difference} = \text{Total Funding} - \text{Total Expenses} = 29660 - 28580 = 1080 \]

Since the total funding is greater than the total expenses, Alan will have enough money for his education.

Final Answer