MATH 1030 - Quantitative Reasoning
For our first group project in this math class we were asked to price out mortgages and payment prices on a house for both 15 and 30-year loans.
Here is my group project:
group_project_1.docx | |
File Size: | 1158 kb |
File Type: | docx |
In working with my partner on this, and on our second group project, I improved my critical thinking skills and learned how expensive buying a house really is. While working on this project, my project partner and I noticed that you pay less interest on a 15-year mortgage loan. And that even though mortgage payments are more on a 15-year mortgage loan, you end up paying less money overall on a 15-year loan than on a 30-year loan, even if you were to pay extra on monthly payments and pay off a 30-year loan early. Also, besides monthly mortgage payments, there are other costs that are a part of buying a house such as close costs and fees, and county taxes.