Clinical Psychologist
Grand Canyon University MAT-144 assignment “Clinical Psychologist” by Steven Hughes (Nov 3, 2024). Includes grading notes and an “Income and Projection” section with behavioral health salary estimates and a monthly expense budget table.
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GRANO CANYON
U N I V E R S I T Y
Clinical Psychologist
James Baker
MAT-144
Steven Hughes
November 3, 2024
[A note about grading for this write-up : Leave section headings and questions numbers in place in your
write-up. Provide a thorough answer to each question, using in-text citations as appropriate to support
your response. (We suggest an average of 60-80 words per response.) A reasonable reader should not
need t o ask more than one or two follow-up questions to clarify your responses or fill in missing details.]
Income and Projection
In this section, please answer the following questions:
1. Considering real -world expenses upon graduation, what careers in your program of study
are likely to provide enough net income t o cover these expenses? Here, you may want to
give a broad estimate of your expected monthly or yearly expenses, along with a broad
salary estimate. Remember also to think about the effect of taxes o n your net income.
Behavioral health science encompasses mental health issues, substance use disorders and
the physical health issues that may arise from mental or behaviora health issues. Here are a
few examples of careers in Behavioral health science and their average annual salaries:
Clinical Psychology: $71,700
Counseling Psychology: $ 75.600
Expense Category Estimated Monthly Cost
Rent 52,150
Utilities S450
Groceries $500
Transportation $350
Health Insurance S700
Miscellaneous S600
U N I V E R S I T Y
Clinical Psychologist
James Baker
MAT-144
Steven Hughes
November 3, 2024
[A note about grading for this write-up : Leave section headings and questions numbers in place in your
write-up. Provide a thorough answer to each question, using in-text citations as appropriate to support
your response. (We suggest an average of 60-80 words per response.) A reasonable reader should not
need t o ask more than one or two follow-up questions to clarify your responses or fill in missing details.]
Income and Projection
In this section, please answer the following questions:
1. Considering real -world expenses upon graduation, what careers in your program of study
are likely to provide enough net income t o cover these expenses? Here, you may want to
give a broad estimate of your expected monthly or yearly expenses, along with a broad
salary estimate. Remember also to think about the effect of taxes o n your net income.
Behavioral health science encompasses mental health issues, substance use disorders and
the physical health issues that may arise from mental or behaviora health issues. Here are a
few examples of careers in Behavioral health science and their average annual salaries:
Clinical Psychology: $71,700
Counseling Psychology: $ 75.600
Expense Category Estimated Monthly Cost
Rent 52,150
Utilities S450
Groceries $500
Transportation $350
Health Insurance S700
Miscellaneous S600
Total = $ 4,750 per month or $57.COO.
I estimate is that about 1896 of m y income will go towards federal, state, and local taxes.
Total amount taxes = $10,260
2. Under what conditions might not having enough income t o cover expenses still work out all
right in the longer run?
If I ' m investing in a business that isn't profitable yet. I might be spending more than I ’ m
earning.
Student Loans
In this section, you must address the following questions:
1. Assume that you're taking a student loan of $50,000 at an interest rate of 8%, and that y o u
will start paying that loan back in 4 years. Explain why it will always be the case that if your
loan is subsidized your loan payment will be lower than if your loan is unsubsidized,
assuming that t h e interest rate in the unsubsidized case is the same and that interest
accrues for the 4 years that youTe in school. (You re welcome, but not required, to provide
calculations to support your explanation.)
The key difference between subsidized and u n subsidized loans lies in h o w Interest i s
handled during the period o f non-payment I n a subsidized loan, the government pays the
interest that accrues during the period of non-payment. In contrast, with an unsubsidized
loan, the interest that accrues during the period of non-payment Is added t o the principal
amount of the loan.
2. N o w consider the case that t h e interest rate for the u n subsidized loan may be lower than
t h e interest rate for the subsidized loan. Explain why the loan payment amount f o r t h e
unsubsidized loan may n o w end up being lower t h a n the loan payment amount for the
subsidized loan. (Again, you may w a n t t o provide some calculations t o support your
explanation.)
The loan payment amount is determined by several factors, including the principal amount,
t h e interest rate, and the loan term. In general, a lower interest rate results in a lower loan
payment amount, all else being equal.
I estimate is that about 1896 of m y income will go towards federal, state, and local taxes.
Total amount taxes = $10,260
2. Under what conditions might not having enough income t o cover expenses still work out all
right in the longer run?
If I ' m investing in a business that isn't profitable yet. I might be spending more than I ’ m
earning.
Student Loans
In this section, you must address the following questions:
1. Assume that you're taking a student loan of $50,000 at an interest rate of 8%, and that y o u
will start paying that loan back in 4 years. Explain why it will always be the case that if your
loan is subsidized your loan payment will be lower than if your loan is unsubsidized,
assuming that t h e interest rate in the unsubsidized case is the same and that interest
accrues for the 4 years that youTe in school. (You re welcome, but not required, to provide
calculations to support your explanation.)
The key difference between subsidized and u n subsidized loans lies in h o w Interest i s
handled during the period o f non-payment I n a subsidized loan, the government pays the
interest that accrues during the period of non-payment. In contrast, with an unsubsidized
loan, the interest that accrues during the period of non-payment Is added t o the principal
amount of the loan.
2. N o w consider the case that t h e interest rate for the u n subsidized loan may be lower than
t h e interest rate for the subsidized loan. Explain why the loan payment amount f o r t h e
unsubsidized loan may n o w end up being lower t h a n the loan payment amount for the
subsidized loan. (Again, you may w a n t t o provide some calculations t o support your
explanation.)
The loan payment amount is determined by several factors, including the principal amount,
t h e interest rate, and the loan term. In general, a lower interest rate results in a lower loan
payment amount, all else being equal.
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Subject
Mathematics