Purchasing a House

1. From advertisements on the internet, newspaper advertisement, or real estate publication or listing, select a home that you feel you would like to own. Provide a brief description of the property.

2. Apply a 20% down payment. What is the amount of the down payment?

3. Using the internet, new paper, or other publication, find the 30 year fixed mortgage rate. What is the rate? List your source as well.

4. Assume after deducting the down payment you finance the balance. Use EXCEL or other suitable software to prepare an amortization schedule for the 30 year loan. Using the schedule a). What is the monthly payment on your mortgage? b). How much interest will you pay over the entire life of the mortgage loan?

5. Using the first line of the amortization schedule to justify mathematically how a). the monthly payment was found. How the interest portion of the payment was found. c). How the principal reduction was found, and d). How the new balance was found. This problem requires that you verify the numbers in the amortization schedule by hand calculation.

6. What is the outstanding balance half through the loan (180^{th} payment)?

Subject | Mathematics |

Due By (Pacific Time) | 02/26/2014 07:00 pm |

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