# MATH 201 College Mathematics Portfolio Project on Student

- Slides: 10

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 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 budget?

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. 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 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 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: $ 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 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. 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.

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