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1.) Find a house: House Price is ($350,000) 2.) Use interest rate of: 6% compounded monthly...

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Advance Math

1.) Find a house: House Price is ($350,000)

2.) Use interest rate of: 6% compounded monthly for a 30 yearloan and 5.5% compounded monthly for a 15 year loan.

3.) Determine how much a monthly principal and interest paymenton your house would be if you financed it:

a. for 30 years

b. for 15 years

c. for 30 years with 20% down

d. for 15 years with 10% down

4.) How much would you pay for the home over the length of theloan under each scenario? How much of this is interest?

5.) A mortgage payment is made up of principal and interestpayments from your loan as well as taxes and insurance payments. Ifthe amount for taxes and insurance doubles your loan payment, howmuch would your mortgage payment be under each of the fourscenarios?

6.) Which option do you feel is best? Why?

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