Question

what is the total cost of miles’ program? $26,000 the hutterville massage institute is accredited, so miles can apply for federal financial aid. he estimates he should get $3,000 in grants. after he subtracts his grant aid from the total cost of his program, what is the net price of miless program? $23,000 miles takes a student loan to pay for the full net price of the program. miles learns from the occupation outlook handbook that the median annual salary of a massage therapist is around $40,000. he talks to some recent graduates from the program, and finds that the starting salary in his area is closer to $27,000. assuming he finds a job with a starting salary of $27,000, should miles have difficulties paying off his student loans in ten years or less? yes no continue

Explanation:

Step1: Identify loan and salary values

Loan amount: $\$23,000$, annual salary: $\$27,000$

Step2: Calculate annual loan payment

Annual payment = $\frac{\$23,000}{10} = \$2,300$

Step3: Compare to salary share

$\$2,300$ is ~8.5% of $\$27,000$, a low portion.

Answer:

No