Unit 6 Discussion MM150 Survey of Mathematics
Comparing Mortgage Options
Purchasing a home is a major life decision. Searching for just the right place can be both fun and stressful. For most people, a large part of the home-buying process involves finding a home loan that is a good financial fit. There are many different options to consider.
Post 1: Initial Response
Today, you’re going house-hunting (virtually, of course). Go online to your favorite real estate listing site and find a home in your area that you would love to buy. Why would this be a great home for you? Be sure to include the URL for the listing.
Search online for current interest rates for 30-year mortgages. Include the URL for this information as well.
Given the information you have found, calculate the following:
- What is the amount needed for a 20% down payment?
- What is the mortgage amount?
- What is the monthly payment (principal + interest) for a 30-year mortgage?
- At the end of the 30 years, how much interest will have been paid?
Review an example of an initial response for this Discussion.
Post 2: Reply to a Classmate
Your classmate is considering whether to choose a 30-year mortgage or a 15-year mortgage. Search online for the current interest rate for a 15-year mortgage.
Answer the following questions in your reply to a classmate:
- What is the monthly payment (principal + interest) for your classmate’s dream home on a 15-year mortgage?
- At the end of the 15 years, how much interest will have been paid?
- How much interest can be saved by choosing a 15-year mortgage?
Review an example of a peer reply 1.
Post 3: Reply to Another Classmate
Find a thread in the Discussion Board that you find interesting and join the conversation. Post several sentences on this topic that are thoughtful and advance the discussion mathematically.
Unit 6 Discussion MM150 Survey of Mathematics Answer
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