The Road To Adulthood!

By: Morgan Andress

Assignment!

We were required to set up a budget plan for various expenditures that we will have after graduating high school, including a mortgage, car payments, utilities, etc. We were required to use online calculators as well as our knowledge of loans, interests, and percentages to calculate our budget.

Occupation: Veterinarian!

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I chose to become a veterinarian for two reasons; 1) when finding our top career cluster, health science was on of my second best career choices 2) I love animals! They give so much to us and I want to be the one who gives back to them. The degree I am required to get to become a veterinarian is a Master's degree and my annual income will be $98,230.

College: University Of Texas At San Antonio

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I chose to go to UTSA for two reasons: 1) It offers a very good veterinary school 2) San Antonio is a very beautiful city. UTSA is only 14.6 miles away from downtown San Antonio which is where the river walk and the Alamo are located. My tuition per semester is $9,361 and if I have to get a masters degree, my total tuition to obtain my degree is $93,610. My student loan payment is $1,560.17 within 10 years and a interest rate amount of 4.6%. I chose to do a student loan for 10 years because my monthly income would allow me to be able to pay off my student loan much quicker than with 20 or 30 years.

House: 7958 Meadow Way Ct!

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The reason why I chose to live in this house is because I don't want a too big of a house if I'm only providing for myself for now. The price of this house is $87,600 and with my mortgage payment, the monthly payment is only $496.86 within 20 years and a 3.25% interest. If I had chosen to do a 30 year mortgage payment with 3.79 interest, my monthly payment would be much higher because I would be paying more interest. I chose to do a 10 year mortgage because my income allows me to pay off the loan much quicker than with 20 or 30 years.

Mortgage payment link and results!

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Car: 2007 Bentley Continental!

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The reason I chose this Bentley is because just like I said with my house, if I'm only providing for myself for now, I don't need a big expedition for myself. The cost of my car is $78,950 and my monthly car loan payment is $1,747.51. I chose to do a loan for only 48 months with 3% interest because like I said before with my mortgage and student loan, my income allows me to b able to pay my loan off quicker than with 60 months. Right now, I am paying $4,930.25 interest over he life of my loan, but with a 60 month loan, I would be paying $8,289.06 in interest so choosing a shorter time period also allows me to not pay extra money with interest.

Car loan payment link and results!

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Budget Plan!

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After we went through each step on finding our monthly student loan payment, mortgage payment, and car loan payment, we then had to use those amounts and my monthly income amount to create a budget plan. I had to take my monthly income, and the percentages (turned into decimals) of each utility, and multiply those together which would give me my monthly budget for that item. For example,for cell phone, I would take my monthly income (8185.83) and multiply it by the decimal form of 6% (0.06) and that would give me my monthly budget for my cell phone payment ($491.15).

Reflection!

These are some reflection question we were supposed to answer after we had finished all steps of our project!
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Thank you for watching my presentation! I hope you enjoyed it!

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