Scientific/Quantitative Reasoning Project Math 103 Winter 2016 Anna B Perkowski Scientific/Quantitative Reasoning Project Math 103 Winter 2016

Overview The propose for me completing this project is so that I can use quantitative reasoning skills to understand what debts I have to expect after I graduate. What are some benefits of knowing now what my student loan repayment expectation will be? By knowing now approximately what my student loan repayment expectation will be, I can use this information to compose a plan to repay my student loans in a timely fashion. By knowing what to expect after graduation, I will be able to plan a financial strategy. Should a college student borrow as much as they can or as little as needed? By borrowing as little as needed one can reduce the amount of money they need to repay the lender. Many people fail to take into account interest when they borrow money. If one wanted to limit the amount of money they borrow for their education, they could apply for scholarships. QSR Project Anna Perkowski

Hypothesis I believe that I will be able to afford a monthly payment of $250 in order to pay back my student loans within 10 years. QSR Project Anna Perkowski

My Procedure I will need to collect data concerning my future career and estimated student loans after graduation. I will obtain this data from various sources including the Bryant & Stratton Financial Aid office, and other suppliers. I will organize this data through detailed charts and slides by using Excel. My goal, once I have collected all this data, is to analyze it so that I can see approximately what I have to anticipate financially after graduation. I will analyze this data by calculating the total amount of interest that my loan will accumulate in the estimated time period. I will then use an Excel spread sheet to help me calculate my future budget, and what I can afford to pay monthly. QSR Project Anna Perkowski

Data The Average of Starting Salary for an Administrative Assistant in Buffalo, NY: $39,613 (salarycom, 2016 & Indeed.com, 2016) Net Salary {after taxes}: $29,709 Current Bills: $0 Loan Principle: $19,000 Accumulated Interest after 10 years: $5,722 Estimated total loans after 10yrs: $24,722 (Financial Letter) QSR Project Anna Perkowski

Estimated Monthly Budget QSR Project Anna Perkowski

Data Continued According to the data I have collected, the estimated entry level salary for an Administrative Assistant is $2,475.75 per month(salarycom, 2016 & Indeed.com, 2016). The budget for expenses, not including loan payments, comes to a total of $1,064. Which leaves approximately $1,411.75 excess per month.  The total amount of money that I will owe (including interest) after 10 years is $24,722. According to this data, I would be able to repay the entirety of my debt in 10 years, by paying $206 per month. QSR Project Anna Perkowski

Conclusion At the start of this project, I projected that I would be able to pay back my student loans, in 10 years, with a monthly payment of $250. After collecting and analyzing the data, I have come to the conclusion that I will be able to pay off my student loans with $206 per month in 10 years. This conclusion proved my hypothesis wrong! I will be able to repay my loans in the timeframe previously stated. I believe that it is important for me to reevaluate my budget, and payment plans, because the entry level salary used for this project is not a guarantee. Completing this project has helped me to see what I have to expect after graduation, and gather an idea of what I need to accomplish. QSR Project Anna Perkowski

References (salarycom) http://www1.salary.com/NY/Buffalo/Administrative-Assistant-I-salary.html 2016 (indeed.com) http://www.indeed.com/salary/q-Entry-Level-Administrative-Assistant-l-New-York,-NY.html 2016 Bryant & Stratton College Financial Aid Letter *In order to obtain an estimated entry level salary, I took two similar salaries and averaged the two.* QSR Project Anna Perkowski