Financial Litercay Project
Occupation
College
I chose the University of Texas at Austin because it offered the degree I wanted. I needed to figure out tuitions, loans, interest, and deferments to be prepared. The following is the outcome of the prices.
Tuition per semester: $7000
Total tuition to obtain degree: $28,000
School loan terms:
Loan Balance After Deferment: $ 16,006.74
Interest Rate: 4.6%
Time: 20 years
Additional interest for 2 year deferment: 32,013.48
School loan payment after deferment: $644.44
Adress and Mortage
The address I chose was 2216 Thornton Rd #413. What I needed to figure was loans and total interest to be prepared. The following is the outcome of those prices.
Loan terms:
Loan Balance After Deferment: $152,212.26
Interest Rate: 3.79%
Time: 15 years
Monthly payment: $1,323
Total interest over the life of the loan: $304,424.52
Car
The vehicle I chose was a 2012 Nissan Altima. What I needed to figure was loans and total interest. The following is the outcome of those prices.
Terms of the loan:
Loan Balance After Deferment: $8609.23
Interest Rate: 4%
Time: 5 years
Monthly payment: $1249.75
Total interest over the life of the loan: $17,218.46
Budgets
The following list shows my total budgets
Monthly Income (Paycheck) $4,251.75
Mortgage Payment Fixed Amount $1,323
Car Payment Fixed Amount $1,249.75
Student Loan Payment Fixed Amount $644.44
Utilities 8% $340.14
Food 14% $595.25
Insurance 4% $170.07
Gas 5% $212.59
Cell Phone 6% $ 255.11
Clothing 4% $ 170.07
Entertainment 8% $ 340.14
Savings 10% $425.18
Reflections
My largest learning experience was that I am paying all of my school tuitions so I have no freaking loans to pay post college. Also that this was fairly easy overall once I got help. Except for loans. God loans, those freaking loans.
The adjustments I had to make were my car choice, because the car I wanted to get was overpriced.
My ideas of adulthood have stayed the same in every way. I thought it was going to be very hard, and from this assignment that was supposed to replicate a "slice of adulthood", it hasn't changed.