Mortgage Assignment! Plug n Play

Please note two parts.  Math worksheet and "letter to friend"  Please give me a quote.  Need done by 7/4.

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MGF 2107 – Mortgage Project This project may be completed by teams of two students or as an individual project. Reports submitted by teams of two students earn a bonus of 10 points added to their score. Your best friend wants your help reviewing mortgage loan options and has asked you to help since you have recently studied the mathematics of consumer loans. Your friend is currently living in another state and needs your help finding a home to purchase as well as selecting a mortgage. 1. Choose a home for sale in Volusia or Flagler County to use for your calculations. Check out local realtors' websites for the property. 2. Your friend is not certain about how large the down payment will be so make calculations considering a down payment of both 10% and 20% of the sale price. 3. Using the Internet, find local interest rates. Assume that your friend has a good credit history. 4. Find a mortgage payment calculator on the Internet to calculate monthly payments for 15-year and 30-year fixed rate mortgages using both 10% and 20% down payments. 5. Calculate the total interest paid for each loan option. 6. Examine the amortization schedule for each loan option to determine the first month where the payment towards the principal is greater than the interest payment. 7. Use a mortgage payment calculator on the Internet to determine how much interest you would save by paying an extra $100 toward the principal each month. 8. Complete the Mortgage Project Summary form and submit to the Assignments folder by the date in the course calendar. This is a PDF form. Save this file as “Mortgage Summary_Your Name.” If your data is not saved, go to File, Print and choose “Save as pdf” under the Printer options. 9. Based on your friend's financial situation, which of the four loan options would you recommend for your friend? Write a letter to your friend explaining the option you are recommending and why it is your friend's best option. Submit the letter to the same Assignments folder by the date in the course calendar. The friend or client should have a name and you should discuss more than one option. 10. Please submit these documents in two (2) separate files: One file is the summary form and the other file is the letter to your friend. Scoring for the Mortgage Project Points Value Completed Mortgage Project Summary (Errors and omissions will reduce this total) 60 Recommendation letter to friend (Advice is supported by data. Typos, spelling errors and grammar errors will reduce this total.) 40 TOTAL 100 Bonus for submitting team project (Both team members need to submit the project to their individual Assignments folder.) 10

Mortgage Project – Comparing Fixed Rate Home Mortgage Options Team Member Team Member Both team members need to upload the project report to receive credit. Property Address Purchase Price Website for property information Website for interest rate information Website for mortgage calculator 20% down payment Loan Amount 30-year interest rate Monthly Payment Total Interest paid 1st payment where Principal payment exceeds Interest payment (Payment number or month) Interest saved by paying $100 extra toward principal each month (Use an online mortgage calculator to find this information.) 15-year interest rate Monthly Payment Total Interest paid 1st payment where Principal payment exceeds Interest payment (Payment number or month) Interest saved by paying $100 extra toward principal each month (Use an online mortgage calculator to find this information.) 10% down payment Loan Amount 30-year interest rate Monthly Payment Total Interest paid 1st payment where Principal payment exceeds Interest payment (Payment number or month) Interest saved by paying $100 extra toward principal each month (Use an online mortgage calculator to find this information.) 15-year interest rate Monthly Payment Total Interest paid 1st payment where Principal payment exceeds Interest payment (Payment number or month) Interest saved by paying $100 extra toward principal each month (Use an online mortgage calculator to find this information.) Recommendation letter to client/friend included on separate page. Team Member: Team Member_2: Property Address: Purchase Price: Website for property information: Website for interest rate information: Website for mortgage calculator: 20 down payment: Loan Amount: 30year interest rate: Monthly Payment: Total Interest paid: 1st payment where Principal payment exceeds Interest payment Payment number or month: Interest saved by paying 100 extra toward principal each month Use an online mortgage calculator to find this information: 15year interest rate: Monthly Payment_2: Total Interest paid_2: 1st payment where Principal payment exceeds Interest payment Payment number or month_2: Interest saved by paying 100 extra toward principal each month Use an online mortgage calculator to find this information_2: 10 down payment: Loan Amount_2: 30year interest rate_2: Monthly Payment_3: Total Interest paid_3: 1st payment where Principal payment exceeds Interest payment Payment number or month_3: Interest saved by paying 100 extra toward principal each month Use an online mortgage calculator to find this information_3: 15year interest rate_2: Monthly Payment_4: Total Interest paid_4: 1st payment where Principal payment exceeds Interest payment Payment number or month_4: Interest saved by paying 100 extra toward principal each month Use an online mortgage calculator to find this information_4:

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