can not remember the steps on how to answer this, please help.

47. You have a choice between going to an in-state college where you will pay $4000 per year for tuition and an out-of-state college where the tuition is $6500 per year. The cost of living is much higher at the in-state college; you can expect to pay $700 per month in rent there, compared to $450 per month at the other college. Assuming all other factors are equal, which is the less expensive choice on an annual (12-month) basis