Summarize your 3 calculations with the monthly budget below....

1.) So the total amount we pay in total for the student loan = 240.14 x 12 x 15 = $43,225.2

Of this amount the principal was 29200 so the amount that goes to the interest will be  43225.2- 29200 = $14,025.2

2.) So the total amount we pay in total for the student loan = 172.78 x 12 x 10 = $20,733.6

Of this amount the principal was 11000 so the amount that goes to the interest will be  

20733.6- 11000 = $9,733.6

3.) So the total amount we pay in total for the student loan = 384.9 x 12 x 5 = $23,094

Of this amount the principal was 18500 so the amount that goes to the interest will be 23094- 18500 = $4,594

Your monthly budget

You will have several other bills that you will pay on a monthly basis:

• Rent = $750
• Cellphone = $100
• Cable/Internet = $120
• Groceries = $160

Ideally, you would still have money left over for entertainment, savings, etc. However, at the very least, you will need to pay these items each month. Add these to your monthly debt payments to get your total monthly budget.

Now that you have your monthly budget, what annual salary do you need to cover all these expenses? Keep in mind that 30% of your paycheck will be taken out for taxes, health insurance, etc. Considering that, what annual salary do you need?