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This assignment will give you the opportunity to apply what you have learned
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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.
Instructions:
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?
• Would a rising rate environment impact your decision on which to choose?
Why?
• How about an environment where rates are decreasing? Would there be a better
option?
Requirements:
• Submit in a Word document At least 2 pages in length.
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