Quantitative Lit
Math 1050 -- College Algebra
Instructor: Aart K. Costello
E-Portfolio Project/ Mortgage
In this project, we were given the value of a particular home and a hypothetical down payment. From there, the principal balance of the loan was deduced, along with estimated monthly payments. After that, we figured out how much of each monthly payment would go toward the principal, and how much would be interest paid to the loan provider. Once this information had been obtained, we figured out what the estimated value of the home would be in a given number of years and how much could be gained from selling them home at that point in time. Finally, we used the same model to figure out how much interest -- and therefore overall money -- would be paid to the provider if the homeowner were to pay extra each month.
I found this to be quite a useful assignment. In calculating various aspects of such a loan, I feel a lot more comfortable considering my future as a homeowner and owner of various other assets. While I'm not completely inexperienced in such subjects, I feel that this project really helped me to root my understanding so that I can make myself fully aware of the costs involved in any loan I might consider in the future.
