You have a choice between going to an in-state college where you would pay $7000 per year for tuition and an out-of-state college where the tuition is $10,500 per year. The cost of living is much higher at the in-state college where you can expect to pay $1000 per month in rent compared to $750 per month at the other college Assuming all other factors are equal, which is the less expensive choice on an annual (12 month) basis?