1. Financial Planning
Caroline Cronin

2. College Information University of New Hampshire Tuition: $46,000
4 years: $184,000
% I will pay: 25% = $46,000
% my parents will pay: 25% = $46,000
% covered by loans: 50% = $92,000

3. College Loan Information
Loan Amount: $92,000 Interest Rate: 3.76%
10 year loan year loan
R = $ per month for 10 years R = $ per month for 15 years
Savings (in interest) for 10 year loan: $9,991.20
$669.50(12 months)(15 years) - $920.99(12 months)(10 years) = $9,991.20

4. Career Information RN (Registered Nurse) in Dallas, Texas
Entry-Level Salary: $58,033 per year Five years after graduation: $81,096 per year

5. Car Information 2017 Toyota Camry LE: $23,070
Predawn Gray Mica Exterior, Ash Fabric Interior, 2.5L 4-Cyl. Engine, 6-Speed Automatic

6. Car Loan Information Loan Amount: $23,070
Loan Loan % APR for 60 months (5 years) % APR for 36 months (3 years)
R = $ per month for 5 years R = $ per month for 3 years

7. Car Loan Information Loan 1 Loan 2
Total Cost of Loan = $24, Total Cost of Loan = $23, Monthly Payment: $ Monthly Payment: $655.66
Number of years: 5 years Number of years: 3 years
($410.86)(12 months)(5 years)=$24, ($655.66)(12 months)(3 years)=$23,603.76
Which is loan offer is best?
The second loan, 1.49% APR for 3 years, rather than the first loan, 2.64% APR for 5 years, is the better option because its lower interest rate and shorter term results in me paying less money overall.

8. House Information Cost: $175,000
Savings over 5 years: $40, % of Gross Income ($81,096(0.1)=$8,109.6 saved each year After 5 years, $40,548 is saved ($8,109.6(5 years)=$40,548) What I can afford: $202, Down Payment will be my savings over 5 years Down Payment is 20% of home cost (20% of home cost = $40,548 $40,548/0.2=$202,740)
3940 Hawthorne Ave APT 5, Dallas, Texas bed baths square feet carport pool
Cost: $175,000

11. House Information Loan: $140,000 ($175,000-$35,000=$140,000)
Cost: $175,000
20% Down Payment: $35,000 ($175,000(0.2)=$35,000) Down Payment I could afford: $40, By only paying $35,000 for the down payment, I save $5,548
Loan: $140,000 ($175,000-$35,000=$140,000)

12. Mortgage Information Loan Amount: $140,000
Mortgage Mortgage % APR Fixed (15 years) % APR Fixed (30 years)
R = $1, per month for 15 years R = $ per month for 30 years
Total Cost of Loan = $185, Total Cost of Loan = $282,729.60
Savings for 15 year versus 30 year mortgage: $96, ($282, $185,884.20=$96,845.40)

13. Mortgage Information
Number of years it will it take if $200 is added to monthly payment for 30 year mortgage: years
New Monthly Payment (30 year): $ ($ $200.00=$985.36)
By adding $200 to my monthly payment for the 30 year mortgage, I would save $59, $282, (Total cost of 30 year loan) - $223, (Total cost of loan with $200 added to monthly payment)

14. General Expenses
Car Insurance - $135 per month
Home insurance - $132 per month
Food - $ per month
Gas - $88.60 per month average-american-drives-this-much-each-year-ho.aspx
MPG: 22/33 Median: 27.5 MPG Gas Price: $2.17 per gallon Average person drives 13,474 miles annually (13,747 miles/12 months=1, miles per month) 1, miles per month/27.5 MPG= gallons per month gallons per month($2.17 per gallon)=$88.60 per month

15. General Expenses
Utilities (heat/electricity/water/garbage) - $ per month
Internet/ /phone - $45.36 per month
Property taxes - $ per month % of property value = $3, per year/12 months = $ per month
Cell phone - $
Total = $1, per month for general expenses

16. IRA Information Amount I hope to retire with : $1,500,000
Assuming 9.50%* rate of return of the US stock market as measured by the S&P 500
Monthly Payment for 30 years: $737.81
R = $ per month for 30 years *

17. Summary
Five years after graduating college, I will have paid off my car loan of $23,070, but will still have to pay off my college loan for five years and house loans for ten more years. Assuming my salary remains consistent over the next sixteen years, when my loans are paid off my net monthly income after paying my general expenses and adding to my retirement savings would be about $3, With this money I would be able to meet any unexpected expenses, spend it on leisure or choose to put additional money towards my savings each month. In reality, I would most likely receive a pay increase which would increase my monthly income.