MATH201 – 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: $1718.75 Expenses: Car Payment $493.00 Cell Phone 150.00 Food 200.00 Insurance 162.00 Utilities 150.00 Total Expense $1155.00 Disposable income $563.75

Estimated total amount of your student loan Bryant and Stratton School Loan: $18,107.00 Interest 6.80% Student loan Payment $208.00 Mitchell Tech: $8,000.00 Interest 6.80% Student loan Payment $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.