Scribd
Upload
332 views2 pages

Mortgage Lab Signature Assignment Math

This document summarizes a mortgage lab assignment completed by the author. The lab involved calculating values for a 30-year home loan, as well as values for selling the home after 10 years. The author compared 15-year and 30-year loans and examined the impact of making larger monthly payments. They concluded the lab with a writing reflection. The author believes this type of mathematical analysis is useful for understanding loans for homes, cars, and other large purchases. They also expressed a preference for 15-year loans due to paying off the debt sooner, though acknowledged the higher monthly costs.

Uploaded by

api-486851273
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
332 views2 pages

Mortgage Lab Signature Assignment Math

This document summarizes a mortgage lab assignment completed by the author. The lab involved calculating values for a 30-year home loan, as well as values for selling the home after 10 years. The author compared 15-year and 30-year loans and examined the impact of making larger monthly payments. They concluded the lab with a writing reflection. The author believes this type of mathematical analysis is useful for understanding loans for homes, cars, and other large purchases. They also expressed a preference for 15-year loans due to paying off the debt sooner, though acknowledged the higher monthly costs.

Uploaded by

api-486851273
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Christa Wiscombe

Math- 1030

Mortgage Lab Signature Assignment

In this project, we were to examine a home loan. This lab was five parts with the

beginning part calculate different values that would be involved in a 30-year loan. The next part

was to then calculate values associated with selling a house that was owned after 10 years. We

then got to compare a 15-year loan and a 30-year loan. After doing that we could then examine

the effects of making larger or extra monthly payments on a monthly loan for 30 years. Once

done with the lab we then did a writing assignment to reflective to explain the steps and what

was done to accomplish the goals of this mortgage lab.

This kind of math helps with not just finding a home and checking prices but this style of

math can help with calculating different loans that people might need in their lives. This type of

analysis can be used when buying a car, or anything with a large price that would need a loan

for it. People who would use this math style would be someone in finance such as a mortgage

broker. A mortgage broker needs to know how to properly calculate amounts of money

towards a loan for a someone’s personal finances. When someone comes down to picking how

many years for their loan, I think that if you chose to get a loan you should be able to do a 15

year. If you can't afford a 15-year loan you might not want to do a 30-year loan. My point is that

if you can't afford your loan to the way you want it to be, then you probably should wait until

you can have it the way you want it.


I believe a 15-year loan is a better idea because you will pay it off sooner. Pro to a 15-

year loan is it would be paying it out sooner but a con would be the monthly amount would be

a lot more. Pro to a 30 year would be to take your time on paying because the amount monthly

would be less. A con for a 30 year would be that you are stuck with a 30-year loan to pay off

something that wasn’t affordable. I believe that this type of math has changed my perspective

of math. I haven’t been a fan of math for years because I wasn’t in classes that I felt would

benefit me. Until now, I finally feel as though I'm learning math situations that I will defiantly

come across in my life. When it will come to the time for my family and I to get a home it will be

more expensive. Because the housing market is very expensive right now. We are definitely

saving up and hoping for home prices to come down in the next two years.

You might also like