Annika is attending college next year. she just got information on the college costs and the financial aid package the college is offering. annika knows her parents can contribute $7,500 each year.

explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.  

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.

secant-secant formula:

(whole secant) x (external part) =           (whole secant) x (external part)

(8+y-2) *8=                                           (y+4+6) *6

(y+6)*8 = (y+10) *6

distribute

8y+48 = 6y +60

subtract 6y from each side

2y +48 = 60

subtract 48 from each side

2y = 12

divide by 2

y = 6

sv =     (y+4+6)

sv   = 6+4+6

sv = 16