Chapter 8 Review
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Section 8.4 Student Loans
17. Janis is attending graduate school, and her tuition and fees for one year are
$9,390. Based on her family’s income, Janis and her family are responsible
for 60% of the tuition and fees. The remaining balance can be paid for using
student loans. How much in student loans per year is Janis eligible for?
18. Mason is attending a community college to obtain a two-year degree.
The annual costs of tuition and fees are $3,750. Mason has obtained an
annual scholarship of $1,250 and annual grants in the amount of $835. The
remainder of Mason’s tuition and fees will be paid for using student loans. At
the end of the two-year degree, what will Mason’s student loan balance be?
Reinforce Your Understanding
19. When Tom and Eve got married, Eve’s grandparents gave them $5,000
toward a down payment for a new house. In order to buy a house in the
neighborhood where they would like to live, Tom and Eve need to have a
down payment of $17,850. They can aff ord to save $450 per month. How
long will it take them to save enough money for their down payment?
20. Keisha has a checking account balance of $471.19. She wrote a check to
Central Department Store for $104.84. What is Keisha’s new checking
account balance?
Apply Your Technology Skills
Access the G-W Learning companion website for
this text at www.g-wlearning.com. Download each data
fi le for this chapter. Follow the instructions to complete
fi nancial literacy activities to practice what you have
learned in this chapter.
Data File 8-1—Creating an Amortization Table
Data File 8-2—Calculating Monthly Loan Payments
Data File 8-3—Researching Teen Credit
Data File 8-4—Filling Out a Financial Aid Application
ompanion
Website
www.g-wlearning.com