Lesson7BClassActivity ella

xlsx

School

Brigham Young University, Idaho *

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Course

108X

Subject

Mathematics

Date

Apr 3, 2024

Type

xlsx

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Uploaded by ChancellorDiscoveryLemur23

MATH 108X - Student Loans Proj Identify at least 2 variables and at least 2 assumptions in Jordan's situation. Variables: time, interest, amount, payments Assumptions: same amount each semester, stay single, keep his job, Project Goal : To learn about student loans and how the length of time to pay off the the amount borrowed affects your financial future. Jordan is a single male student with 6 more semeste r to graduate. After thinking car finances, he decided he needs to take out a student loan to finish school. Jordan estimated that he will need $4,985 per semester to pay for the essentials of books, food, travel, and personal items. He earns $2,140 a semester, but will need t remaining amout each semester. Jordan was approved to take out one loan for each semester for up to $5,250 per loan. Jordan must decide if he should (1) take out the full amount of student loans being would make life really nice right now, or (2) only take out exactly what he needs, wh enough money to live on right now so his budget would be tight, but would make lif graduates. Jordan found the APR 2.75% on the Federal Student Aid Website. To make calculatio assumes that the rate will stay the same for all 6 semester. Even though he realizes wages change, he also assumes that his essenntial expenses will stay close to $4,985 earn about $2,140 each semester. He plans to use a 10-year loan term. These assum easier for Jordan to apply quantitative tools to his situation.

$ How much money will Jordan earn on own? $1 $ $ Complete the 2 Amortization Schedules to the right to compa $4 Jordan created these charts to help him make a good decis What is the total amount of money Jordan needs to finish school? What is the minimum amount of money that Jordan need s to borrow? What is the maximum amount of money that Jordan could borrow? If Jordan takes the maximum amount how much extra money could he have each of his remaining 6 semesters? g the full amount allowed owing just what is needed $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 $400.00 $450.00 Monthly Payment Compar- ison $0.00 $5,000.00 $10,000.00 $15,000.00 $20,000.00 $25,000.00 $30,000.00 $35,000.00 $40,000.00 Total Payment Comparison n To

Which loan option do you think would be best for Jordan's situation? take out the maxium and try to save to pay back as soon as possible Type your response here. Explain why you chose this loan option for Jordan. Include other things should consider when making a decision about student loans. Borrowing t Borrow $0.00 Borrowin

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