MAT 125 Milestone One Template PDF

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Milestone One, two and three: Job Offer Comparison Majorie Bastardo Congratulations on graduating with your bachelor’s degree from Southern New Hampshire University! A new array of opportunities is open to you, but which will you choose, and how will it impact your life? Select your discipline area of interest and examine the set of jobs you have applied to and received offer letters for to determine which one best fits your needs and wants.

Employment Opportunity Analysis In this section of your milestone, you will focus on the opportunities presented in the discipline area of interest to you. Compare the opportunity as instructed below:

The most important characteristics when looking for a job for me is travel time, and long-term benefits. A job were I can easily travel to without too much commune would allow me to save a bit on transportation, and one with good benefits helps me make sure other cost stay low so I can save more for retirement or other savings in general. Cutting insurances cost, and transportation would help save a few extra bucks every month, stretching my salary.

Location: Tutor at Open World Academy: for this position you can work from your home or any location because it is an online position if you have the equipment. Assistant Teacher at River Bend Elementary School: Located at 1 River Bend Rd Chelmsford, MA, by car from my location Queens, New York would take approximately 4hr if

traffic is light, and public transportation up to 11hr. The only option for me would be to relocate if I am sure I would like to work for this institution, adding extra expenses like housing, transportation, and basic expenses. Assistant Curator at Museum of Historical Wonders: Located at 1 Museum Parkway Boston, MA. By car traveling time is around 4 to 5hr depending on traffic and 11hr if I use public transportation from where I live in Queens, NY, another job that would require to relocate. This particular job has transportation passes in their benefit package, but due to the amount of hours to get there, relocating is the most convenient option.

Salary Find the occupational area on BLS.gov and compare the salary ranges for each job. Specifically, answer the following in your comparison:

All salaries are based on the location of the job offer (Boston, MA). To calculate each salary, I took the starting salary on the job offer letter and the different range of salaries found on the website that shows the earning per year in this area according to the location. Proceeded to find the mean or average to show approximately what is the salary. Teacher Assistant: the salary ranges from 23k to 32k, I decided to take numbers from that range since the starting salary that the letter has of 25k is already there. (23k,24k,25k,26k,27k,28k,29k,30k,31k,32k) the mean is the result of adding all the numbers and then dividing by the amount of data = 27,500. Being the mean or average, someone makes in this profession. Curator assistant: ranges for a wide variety of salaries so I will only use the main ones I found, the starting salary stated in the letter of 32k and 62k,84kand 118k found on the website for the area. The mean being 74k. Online Tutor: this one is 22 per hour, making 880 a week if working 8 hr. a day, 3,520 a month and finally 42,240 a year. According to the website it ranges from 40k to 65k so I would use (40k, 42,240, 50,60, 65) making the mean =51,448. This show an average of how much people end up making once they start their job. So far the curator job is the one who leads in terms of amount.

Assistant teacher: the job offers letter states starting salary of 25k, I will use that salary to calculate after taxes beginning with 30% = 17,500 is left after taxes (calculate the percent and subtract that from the salary). Now for after 5-year mark is 32%. In the letter states that the salary may increase 2.15% according to cost of living so in 5 years salary could be 27,687.5,

and the taxes at 32% could bring the salary to a total of =18,827.5. Curator Assistant: with a starting salary of 32k the amount after taxes 30% will be 22,400, the job offer does not provide information on how much the salary would increase as years go by so, I would use the mean I calculated earlier as the 5 year mark 32%of taxes =50,320 as the result. Online Tutor: for this position I went for the lowest starting salary of 40k after 30% is 28,000, and for the amount after 5 years I went with the mean of 51,448 after 32%= 34,984.64.

For all of them I would use the mean salary because is closer to the starting salary in the job offer letters and because is a common or average value. Additionally, when getting a job, we can’t usually expect to jump to the highest paying position right away without the company seeing how we develop.

Benefits Compare the benefits and retirement packages of each opportunity, calculating theoretical retirement savings if applicable. Consider the following:

Online Tutor: this job does not offer retirement plans, assuming we make the average of 42,240 a year pretax 5% of this amount will be =2,112 we should put aside to save. Assistant teacher: this job has two different retirement plans that you can choose, the regular 401k where you take 2%of your annual salary and its matched by your employer and 403(b) which you contribute tax exempts deposit monthly of 5% of your paycheck and its not matched by your employer. 401k would save around 500 of your salary plus 500 matched by your employer, making you save around 1,000. While 403b will be a monthly saving of 104.16 that in a year equals 1,249.92, more than a regular 401k even without being matched by the company. Saving more for the future. (to calculate this, I found the %taken from the salaries). Curator Assistant: this job has a 401k and does not provide information on it.

As of today, when it comes to health insurance it would be for only myself, but I would have in

mind that maybe in the near future I will have to add a partner to it. Online Tutoring: $150 health insurance deducted bi-weekly and a spouse can be added for only $75 extra, and family $300. If I get paid $880 a week bi-weekly I will be making $1760, before tax and have to put aside $150 for myself leaving my bi-weekly salary as $1610, no much of a difference, but this job does not offer vision or dental and that would be an extra cost I would have to cover. Assistant Teacher: this job has two different types of health insurance, both of them have the same bi-weekly cost , but differ in co-pays and other care expenses, I will go with Green Choice routine visits are 100% covered, with no co-pay. Walk-in co-pay is $20; emergency room visits are $25. There is a $1,500 deductible per plan. Bi-weekly for individual is only$32 and with spouse is $64 if I take my annual salary of 25,000, a month is 2,083.3 which is 520.83 a week and bi-weekly will be 1,041.6 taking $32 would bring my pay to 1,010.6 which is not a huge impact helping me keep cost low. (Dental is provided at no cost) Additionally, we have vision insurance cost bi-weekly $1.30 or $2.75 with spouse. Which is low cost and convenient, Life Insurance is provided coverage amounts to 2x the annual salary which comes to 50,00 if I still get paid my start salary. Curator Assistant: health insurance with no deductible and cost $20 for the employee, deducted weekly from your paycheck. For employee and spouse, the cost is $32/week. If my salary is 32k a year, a month comes $2,666.6 and weekly $666.6 leaving me with $646.6 if I’m only covering myself at the time and $20 a month is $80 and ends up being $960 a year. For vision plan that costs $10 monthly for employee-only coverage. Dependents and spouses can join the plan for an additional $1 each per month, there are $40 copayments for each visit. Dental insurance Employee-only dental coverage is deductible and copayment-free for a monthly cost of $1.23. Spouses and dependents can be added to the plan for $1.23/mo each. Taking all of these monthly expenses from my monthly pay I’m left with 2,575.37 to use for any other expenses this does not include co pays or visits.

Employment Opportunity Selection Select an employment opportunity. Although it is not required at this point, you will defend your selection using your calculations and personal criteria in the final project.

Online English Tutor at Open World Academy. My decision is based on not being able to relocate to other jobs at the moment, the flexibility of being

able to book the students and lessons, having my own schedule and time to choose. Additionally, the bonus for good reviews.

Living Expenses and Debt Using your selected employment opportunity, analyze your monthly expenses and income, and prepare a plan for paying down your debt. You can use your actual amounts of expenses and debt if you prefer, or, if you are uncomfortable using real numbers, or if you do not have any debt, you can make up a principal amount, interest rate, payoff period, and minimum payment to cover at least one student loan, one credit card, and one personal or auto loan. You can utilize as many loans as you like, but you must have at least three.

Budget Creation: $22hr starting, if I make 40hr a week that comes to 22*40= 880, that in a month is $3520. For this job I need a up to date computer that usually cost $600, Internet plan, the one I have currently is $60/month, and headset that cost $50. Monthly I need to pay for insurance that the job provides $150 bi-weekly=300-month, internet, rent and utilities that as of right now are $1,000 monthly and food around $100 month. $3520-300(insurance)-(60internet) -(1,000 rent/bills) -(100 food) =$2,060 for any extra expenses and emergencies.

Debt: (this are made up not real) 1-finance purchase of $4375 to buy a used car 60-months fixed installment with APR of 6%. 2- had credit card due amount of $131.26, bank charges 1.25% interest

rate, made a $120 payment now need to find the new balance for next month after using it again. 3Personal loan of $16,500 to be paid in 4 years with annual percentage rate of 6.5%. 1. Comparison: 1- To get the monthly payment amount if not given, begin by finding the total installment price, divide the total installment price by the number of payments. 2. I recently had a balance of $131.26, made a payment of $120, but I kept using the card to buy some more few things after the payment, $33.37 on fast food, $58.14 in books, and $12.58 on a new journal, the interest is 1.25%, I need to be able to know how much I will need to pay next month. 3. I need to determine the monthly payment, to be able to keep up and pay it on time, or maybe before that time, that way I can start saving some money for other things.

4. Process: (I need to have all the totals to be able to form a plan) 1-

Finance charge per $100 for a 60-month loan with an APR of 6% is $16.00. Next find the number of hundreds of dollars. Divide the total purchase price by 100, 4375/100=43.75. The total finance charge is obtained by multiplying the finance charge per $100 by the number of hundreds of dollars financed. 16.00*43.75 = $700 being this the finance charged, now to find the monthly payments begin by finding the total installment price. Add the finance charge to the purchase price. 4375+700 =5075, divide this by the number of payments to find the monthly payment. 5075/60 = $84.58.

2- Since I am being charge interest, I will use the simple interest formula to calculate i=prt (131.26) (0.0125) (1month) =1.64. to get the new balance I will add all the expenses minus the payment I made and plus interest. 131.26+33.37+58.14+12.58-120+1.64 = $116.99 as my new balance. 3- For this loan I need to use the installment payment formula, m=P(rn)/1−(1+rn)−nt. I put the values in m=(16,500)0.06512/1−1+0.06512−(12)(4) = 0.065/12 =

(16,500)(0.0054)/1−(1+0.0054)−(48)= 391.14 monthly.

4-

5. Plan: in my budget there is only $2060 monthly left to pay all the debt. Subtracting all the monthly debt from this quantity$2060-84.58-116.99-391.14= leaves me with $1,467.29 , per month to cover any other emergency or expense, even though the amount of debt is a little less than 36%, still wouldn’t recommend myself to take out another loan or anything like that until I finish the ones I already have. In terms of retirement let us say I save 10% every week, that’s $88 every week, that would grow to $352 a month and $4224 a year. 10- year = $42,240 20- year= $84,480.

Part 3 Congratulations on your new job and your recent move! It is all very exciting. One thing that is not so exciting, however, is that your old car has broken down once again. Your mechanic has told you that the repairs will be more than the value of your vehicle. Your current car is fully paid for, but these repair costs are starting to pile up. Public transportation is somewhat available, but you still need your car for your daily life and commute. Problem: You must now decide if you should fix it once again or replace it. Decide which path you will choose.

1- In this case, I have to first look at all expenses, before deciding on a new car I only have left $ 1,115.29/ monthly, after saving for my retirement. 2- Let’s say my car when I bought it cost $15,000, but now reparations will cost up to $18,000 that could easily cover the cost of another car, but the problem is getting a new car means paying extra for insurance. 3- My old car would sell it as junk or trade it to get at least $1000, if lucky, that I would have to use it as a down payment, and the rest having to pay monthly taking into account insurance and what’s left of my income. 4-

The rest $17,000 would be paid off monthly, the dealership has an interest rate of 1.9% I can pay that amount in 5 years at $297.23, plus insurance (thankfully I have more than 3 years with my license and no accidents) so monthly I pay $350. That equals to $647.23, leaving me with $468.06 for any other necessity, like gas that is let’s say $20 every two weeks because on my days off and after work I usually stay home or use public transportation, after that is $428.06 to spend on myself or survive for the month, which is not bad , as someone who lives by herself , food is not too expensive.

With this in mind I would sell my car for whatever I can get , use transportation and save a little more to have a better down payment or finish any of my other loans first so then I can proceed and buy a new car. This leaves me with exactly or almost 36% of debt, which means that I should focus on paying off the loans and debts I have if I want to have more worry free lifestyle....