Zu Math 1030 Project) a cnt Parvecpy Buying a House Select a house from areal estate booklet, newspaper, or website, Find something reasonable — between $100,000 and $350,000. In reality, trained financial professional can help you ‘determine what i reasonable for your financial situation, Take a sereen shot of the listing for ‘your chosen house and attach ito this project. Assume that you will pay the asking price for ‘your house. $112,000 + inkevest 0. putym dont have a wey The listed selling price if 216, 000 = ay ae ei 6 unde Assume that you will make a down payment of 20% gq f [MiCoMe VW interest Cafe The down payment it U3,00C . The amount ofthe mortgage i Ask at least two lending institutions forthe interest rate for both a 15-year and a 30-year fixed rate mortgage with no “points” or other variations on the interest rate forthe loan, a Fust Mt union [Name of first lending institution; ANC ( Rafe syermnge: 21S), Reisctyeamnn Sol Name of second lending insitwion: VEAL Comptunity Wedd Uni GA Rate for 15-year mongage: 2 VSI. Rate for 30-year morgage 2-2 7S Assuming that the rates are the only difference between the different lending institutions, find the ‘monthly payment at the better interest rate for each type of mortgage. 21Sh 15-year momthly payments“ 2216]. 30-year monthly payment ‘These payments cover only the interest and the principal on the loan, They do not cover the insurance of taxes To organize the information forthe amortization of the loan, construct a schedule that keeps track of (1) the payment number and/or (2) the month and year (3) the amount ofthe payment, (4) the amount of interest paid, (5) the amount of principal paid, and (6) the remaining balance. There are many programs online available for this including Brett Whissle’s website ‘hupibretwhissel neVegi-bin/amortize. A Microsoft Excel worksheet that does is also available ‘online at htpi/office.mierosof.com/en-usitemplates/loan-amortization-schedule- i 1019777. asps?CategoryID=CT0621It's not necessary to show all ofthe payments inthe tables below. Only fill inthe payments in the following schedules. Answer the questions after each table. 1S:year morgage Payment | Payment | Payment —] Interest | Principal | ~ Remaining Number | “Date | Amounts) | paid) Paid (S) | Balance ($) 1. | n24ay (17.23 [29407 93.0 [A122¥.14 2. [24a WWI.23 |7eu.67 [leu7.@7 [noUcz 50._.Jol/24/2| (IW222 [r.usw.24lUe0¢.n [BLo4qd@: 90._.[ost2aiad \| 7. 22 [27,914.06/17,172-GY 4442734 120 [Wirai2u MWe 27 [37-424.46 [lol 627.05] US A235 150. [0S/2u/ UWW1.22 [20,067 3ul|2¢,107. 1 33/402.04) 180 NU2¢ (2h {tw 27 [2401.31 [112,004 Go|___s0.00. total [------- [210,101 Go] 3,101.3 [l12,000 4 ] Use the proper word or phrase to fil inthe blanks, The total principal paid isthe same a the ‘The total amount paid is the number of payments times mortgage ‘G0 ‘The total intrest paid isthe total amount paid minus tere st Use the proper number to fill in the blanks and eross out the improper word inthe parentheses. Payment number _| is the first one in which the prinepa pid greater than he intrest paid The total amount ofintresis (QU _% (more ols than the morgage yess The total amount of interests § !23 64%.404 (more or less) than the morgage less > The total amount ofinteestis 22-15 9 o intevost 1% Mm ortga ali the mortgage.0-year morgage Payment | Payment | Payment Tnierest Principal | Remaining Number | Date | Amounts) | _ Paid (S) Paid(S) | Balance ($) 1 [aati] Wo-Ul | Ua3ac [wwe [111,722.24] 2. [irate] WOU | Awe? [Couto [nius4G go. [wizdizi] 166 UF [t@,0Su. @4[211,409.7 [cz q4E14 20. (MPAA OTA [FAN-SA|1,225, 61) 122,570.47 mo. |W2H/af Web AT [ary ven. [AU Ova vi1, 363, 04] 300. [Wiuf4l “T0041 4%, cua. 3u| [20, 12-Cel us, 126.34) so_ [Wreath TOCA [a 43 [12,000 00 $0.00, toa [------- [23 TUT OL ATE] 112,000.00 | --------- (acoraany to 4 thes List) Payment number (OO js the fest one in which the principal paid is greater than the interest pid oF ‘The total amount of interests § 10: 2S 2-4 6 more or less) than the mortgage use The total amount of imerestis 256 96 (onore ores) than the morgage (nlevest martgege rewulananttinesis CAD settee, (ONE mertge Suppose you paid an additional $100 a month towards the principal: ‘The total amount of interest paid withthe $100 monthly extra payment would be s G04) ‘The total amount of irterest pid with th $100 monthly ext payne would be $_.CO ___ (more or tess) than the interest paid for the scheduled payments only. More Theol mount of interest uid with he 100 monly ex payment woud be %%-__ 96 (more or less) than the interest paid for the scheduled payments only cing off_a 25157. vate) (Jeng OF 140 monty era pet would pay off te morgage in 24 yearend _\2_ ‘months; that’s _\0 (0 months sooner than paying only the scheduled payments, GS years