Math 1050 Mortgage Project
The Mortgage Project for Mathematics 1050: College Algebra was a comparison of 30 and 15 year mortgages as well as minimum salary one should earn to comfortably afford a home.
Project Worksheet File:
Project Worksheet File:
sparkys_project.pdf | |
File Size: | 3037 kb |
File Type: |
Reflection:
Having purchased my first home this past May (2017), this project spoke to me. Although these concepts were familiar, through working through this project my knowledge of the financial concerns and decisions when purchasing a home were further broadened and enhanced. I found this project to be particularly rewarding as it highlighted the difference between interest expenses paid on a 30-year versus 15-year mortgage. It also further demonstrated how extra payments can truly make a difference in the interest expense one may save. It highlighted payments, necessary income, principal and interest expenses, and different mortgage terms.
In conclusion, I find the mathematical concepts and practical life applications demonstrated through this project relevant to anyone who wants to purchase a home. Furthermore, I find it a good reminder of how much one should actually expect to spend on a home, comfortably and responsibly.
Having purchased my first home this past May (2017), this project spoke to me. Although these concepts were familiar, through working through this project my knowledge of the financial concerns and decisions when purchasing a home were further broadened and enhanced. I found this project to be particularly rewarding as it highlighted the difference between interest expenses paid on a 30-year versus 15-year mortgage. It also further demonstrated how extra payments can truly make a difference in the interest expense one may save. It highlighted payments, necessary income, principal and interest expenses, and different mortgage terms.
In conclusion, I find the mathematical concepts and practical life applications demonstrated through this project relevant to anyone who wants to purchase a home. Furthermore, I find it a good reminder of how much one should actually expect to spend on a home, comfortably and responsibly.
Math 1050: College Algebra