MATH 201 College Mathematics Portfolio Project on Student

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MATH 201 – College Mathematics Portfolio Project on Student Loan BY KARRY IVERSON

MATH 201 – College Mathematics Portfolio Project on Student Loan BY KARRY IVERSON

Introdcution My Math Portfolio Project is to help me plan for the future on

Introdcution My Math Portfolio Project is to help me plan for the future on how I will repay my student loan once I am graduated from Bryant & Stratton College.

Hypothesis Do you think you will able to fit the loan payment in your

Hypothesis Do you think you will able to fit the loan payment in your budget?

Expected Salary After Graduation Date: 1/27/18 Job title: Medical Administration Assistant State: South Dakota

Expected Salary After Graduation Date: 1/27/18 Job title: Medical Administration Assistant State: South Dakota Estimated Starting Salary 1: $ 25, 000 Source 1: Avera. (2018)careers. Retrieved by https: //www. Avera. org Estimated Starting Salary 2: $30, 000 Source 2: indeed (2018) Find jobs. Retrieved from https: //www. indeed. com Estimated Starting Annual Salary: $27, 500 Estimated Starting Monthly Salary: $2, 291. 67 Estimated net Monthly Salary: $1, 718. 75

Estimated budget with Salary Net Monthly Income: Expenses: $1718. 75 A. Car Payment B.

Estimated budget with Salary Net Monthly Income: Expenses: $1718. 75 A. Car Payment B. Cell Phone 150. 00 C. Food 200. 00 D. Insurance 162. 00 E. Utilities 150. 00 Total Expense Disposable income $493. 00 $1155. 00 $563. 75

Estimated total amount of your student loan Bryant and Stratton School Loan: Interest Student

Estimated total amount of your student loan Bryant and Stratton School Loan: Interest Student loan Payment Mitchell Tech: Interest Student loan Payment $18, 107. 00 6. 80% $208. 00 $8, 000. 00 6. 80% $92. 06

Monthly Payment My hypnotical salary comparing to my loan payment of $298. 44 was

Monthly Payment My hypnotical salary comparing to my loan payment of $298. 44 was little higher than I expected but manageable to fit in my hypothetical monthly salary expected. 12. 1% is the percentage is estimated on how is it getting taken off my monthly income to pay for my student loans. I think with a little adjusting and paying off some extra bills in my budget will help me manage this amount.

Monthly Payment in Standard ten- repayment Bryant and Stratton: $18, 107. 00 Scheduled payment:

Monthly Payment in Standard ten- repayment Bryant and Stratton: $18, 107. 00 Scheduled payment: $ 208. 38 Total Interest: $ 6, 898. 11 Future Value: $25, 005. 11 Mitchell Tech Institute: $8, 000. 00 Scheduled payment$: 92. 06 Total Interest: $3, 047. 71 Future Value: $11, 047. 71 Total payment for both: $ 298. 44

Total Cost/total interest Bryant and Stratton College Loans Payments of $18, 107. 00 YEARS

Total Cost/total interest Bryant and Stratton College Loans Payments of $18, 107. 00 YEARS 3 years 5 years 7 years 9 years MONTHLY PAYMENT $542. 68 $356. 83 $271. 52 $224. 62 INTEREST $1429. 59 $1960. 74 $3303. 05 $6, 152. 09 FUTURE VALUE $1953. 59 $20, 067. 74 $21410. 05 $24, 259. 09

Conclusion My optional monthly payment for Bryant ad Stratton College loan would be $208.

Conclusion My optional monthly payment for Bryant ad Stratton College loan would be $208. 38. This payment is most beneficial and realistic for me because I make $1718. 75 a month, and my other school loan payments cost $92. 06. This all relates into my hypothesis because I can pay for my student loans without hindering any other of my expenses. So, as the previous slides conclude, my loans can be paid off in a timely manner along with all of my other payments.