Financial Literacy Project
By: Alexis Urias
Occupation: Elemantary Teacher (any subject)
· Annual Income: $57,080
· Degree needs: Bachelor's degree (four year course)
College Attending: Baylor University
· Tuition per semester: $ 32,574 (2 semesters per year)
· Total tuition to obtain degree: $ 260,592
· School loan terms:4.6 interest rate for deferment Monthly:$1,662.73 Payments : 241 time: 20
· Additional interest for 2 year deferment: 1,571.14
· School loan payment after deferment: 262,163
Vehicle: Used 2008 Kia Sportage LX 3,500
· Terms of the loan: eecu-3% interest for a 48 month
· Datcu- 4% for a 60 month loan
· Monthly payment:eecu: 77.47
· DATCU: 66.46
· Total interest over the life of the loan: DATCU: $218.57
What was your biggest learning experience throughout this project?why?
What adjustments did you have to make throughout the project to stay within budget? why?
My house, originally I have an expensive house but when I added everything in the table together the house was to expensive, so after I saw that I had to go back to realtor.com find a cheaper house and calculate the monthly income which ended up being about 324$ and keeping it in my teacher monthly income.
How does this compare your initial ideas of beginning adulthood?
I thought it would be easier and cheaper. I didn’t relies how much work and experience you have to put into my student loan house and car. I also finally understand how my mom and dad stay in budget. It also gave me a glimpse of the financial problems I might experience in my life, and how to fix it.