This assignment will give you the opportunity to apply what you have learned about Time Value Money to everday life. In this instance, calculating a mortage’s monthy payment and principle.
Congratulations! You have just signed a contract to purchase your first home. Your purchase price is $300,000 and you plan to put 20% down. Calculate your monthly principal and interest payments for the life of the loan for:
• a 15-year mortgage at 2.875%
• a 30-year mortgage at 3.25%.
Compare and contrast these two options.
• What are the Pros and Cons of each?
• Add the specifics for type of media, length, and format.
• Submit a Word document or Excel spreadsheet. • At least 1 page in length.