1. Taylor Young
Bryant & Stratton College
Math 103
Mrs. Dobbins
Financial Math Project- Student Loan Budgeting

2. HYPOTHESIS
In this project I will be figuring out my student
loans. I will set up a payment plan that will help
me pay back my student loans faster. I will
provide my salary amount and my monthly
budget to calculate how much I should pay
monthly for my student loans. I believe that if I
chose the 5 year pay back plan I would save the
most money.

3. ANNUAL SALARY
The average salary for a radiology technician
is $55,910 per year and $26.88 per hour.
I would make around $1075.20 a week, so
monthly with taxes taken out I will be making
$3440.00.

4. TAYLOR AND DANNY’S
MONTHLY BUDGET
Food $200.00 My monthly expenses will
be $2,200.00
 Miscellaneous $300.00
Housing $800.00
Utilities $100.00
Cell Phone $120.00
Internet $30.00
Clothing $50.00
Medical $100.00
Insurance $500.00

5. RESEARCH- STUDENT LOANS
If you receive a federal student loan, you will
be required to repay that loan with interest.
Interest rates on federal student loans are set
by congress.
The student loan rate for a direct subsidized
loan is 3.86% and so is direct unsubsidized
loans.

6. STUDENT LOANS
Its important to pay off your student loans
because you don’t want to have to carry the
student loan debt.
The benefits of paying off you loans sooner
than later are not stressing about having to pay
them off anymore. Also it will lower your debt
to income ratio and you’ll be saving more
money due to not making anymore monthly
payments.
If you do not pay your student loans on time

7. PRINCIPAL
The total principal that will be acquired over
my entire career at Bryant & Stratton college.
Four semesters
Subsidized loans : $3,750.00
Principal : $15,000.00

8. MONTHLY PAYMENT – FUTURE
VALUE, & INTEREST
Using the M Formula ,
Monthly payment for 10 years : $150.87
Future Value : $18,104.40
Interest: $3,104.40

9. DESIRED MONTHLY
PAYMENTIn 7 years
Monthly payment : $204.03
Future Value : $17,138.52
Interest : $2,138.52
In 5 years
Monthly payment : $275.25
Future Value: $16,515.00
Interest : $1,515.00

10. DESIRED MONTHLY
PAYMENTS
The difference between the calculated monthly
payments are in 10 years I will be paying
$150.87 every month but will be paying an
interest of $3,104.40
In 7 years you will be paying $204.03 every
month but my interest goes down to $2,138.52
In 5 years I will be paying $272.25 every
month but will be paying $1,515.00 in interest.

11. DESIRED MONTHLY PAYMENT.
The desired monthly payment for myself
would be to pay off my student loans in 5 years.
If I chose the 5 year plan over the 10 year plan I
would save $1,589.40 from interest building
up.
This plan would be most realistic because it
would save me the most money.

12. REFERENCE PAGE
Tan, A. (2013). Student Loan Rates Are Headed Up. Kiplinger’s Personal Finance, 67 (6), 13.
Javine, V. (2013). Financial knowledge and student loan college students. Financial Services
Review, 22(4) , 367-387
Radiologic Technologist. (2013, January 1). Retrieved from
http://www.bls.gov/ooh/healthcare/radiologic- technologists.htm