Financial Literacy

By: Aryanna Reyes

My Job

I am a Financial Manager. I make 62.61$ an hour which is 10852.5$ a month which turns into 130,230 a year. I needed a Bachelors Degree and I was able to go to Baylor University.
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My Education

To be a Financial Manager you are required to have a Bachelors Degree, and one of the colleges that offer degrees in finance is Baylor University.
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My College Loan

The tuition cost per semester for Baylor University is 19,280$. Since I have to have a Bachelors Degree that means I have to pay for 4 years which is 8 semesters. My total tuition cost ends up being 154,240$. I ended up having to put a 2 year deferment on my loan which marked up the total to 168,756.45$. I set my loan term to 30 years at a rate at 4.6%. My monthly payment ended up being 790.70$. I will end up making a total of 361 payments.
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Mortgage

The house I bought was a total of 220,000$. I decided to go with EECU for my house. At EECU I got a rate of 3.79% for a time period of 30 years. My monthly payment came out to 1,023.85$. The interest itself after 30 years will be 451,564.98$.

My New Car

The used Ford Explorer I bought was a total of 30,000$. I decided to go with the DATCU bank for my car. At DATCU they offered me a rate of 4% for a 60 month loan which is 5 years. My monthly rate ends up being 552.50$. The interest itself after the 60 months will be 6,499.59$.
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Other Expenses

With all the other expenses added to the total for the house, car, and my school loan I am spending a total of 8770.03$. Each month I will have 2,082.47$ left over a month.
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Reflection #1

My biggest learning experience throughout this project is that you do actually use something we learned in math and that it is more difficult then it seems starting a family and living on your own.

Reflection#2

Really the only adjustment that I had to make was when I started the transportation section. If I would have gotten the car I had originally wanted I would have only had a few hundred dollars left over every month.

Reflection #3

I had originally thought previous to this project that it was no big deal and their was no trouble with moving out and living on your own. Now that I have actually done a realistic project I now realize that I should be lucky that I am still a kid and that I do not have to worry about Financial needs.