1020 Finance Project F23
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School
Appalachian State University *
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Course
1020
Subject
Mathematics
Date
Jan 9, 2024
Type
docx
Pages
5
Uploaded by ChefSpiderMaster963
MAT1020 Finance Project
Name_______________________
Fall 2023
Date__________________
SCORE: ______________/100
Submit your HARD COPY OF THIS PROJECT BY THE LAST DAY OF SCHOOL DURING
CLASS.
The American Dream is to be happy in a house that you own in a nice neighborhood, with a
family, and a job you love. However, no one talks about how expensive this life actually is.
Where is your dream home located? Is your dream home actually within your reach?
First, find a house anywhere within the United States. It can have whatever specifications you
choose, and it can be as large or as small as you want.
Go to a real-estate search website (i.e. Zillow.com, realtor.com, trulia.com, etc.) and find your
home. Find a place to live in your preferred location. The house must be available for purchase.
1.
Describe the house you’ve chosen. Where is it located? How many bedrooms?
bathrooms? Floors? Square footage of the house? Basement? Any outstanding details of
the house? Attach a picture of the house and a link to the website you found the house on.
(
10 points
) You may do this on a separate page if you want of paste it into here!
2.
Based on that house;
a.
What is the house listed for on the website?
(4 points
)
b.
Report the interest rate. You can use this link
https://www.ncsecu.org/Mortgages/FixedMortgage.html
or use a different
banking site to find your 30-year fixed mortgage rate.
Cite the website you used.
You may also include a screen shot.
(3 points)
MAT1020 Finance Project
Name_______________________
Fall 2023
Date__________________
c.
Calculate a monthly payment BY HAND WITH A FORMULA associated with
the interest rate you found above and a 30-year fixed mortgage assuming you can
make no down payment on this house.
Show all work and use the correct
formula. If you only put the answer, you will not receive credit!
Round to two
decimal places. (
4 points
)
d.
Using the Amortization Excel Sheet from Asulearn, Copy and paste the
amortization table values to support the information in parts (a), (b), and (c) for
the first 3 payments AND the last 3 payments of the loan that does not include a
down payment. (
25 points
).
Payment Number
Amount of Payment
Interest for Period
Portion to Principal
Principal at End of Period
0
1
2
3
358
359
360
e.
If you have no down payment, find the following:
MAT1020 Finance Project
Name_______________________
Fall 2023
Date__________________
i.
How much do you expect to pay for this house after the 30 years are over?
If necessary, round to the nearest dollar amount.
(4 points)
ii.
How much interest will you pay over the 30 years? If necessary, round to
the nearest dollar amount.
(4 points)
f.
If you were able to afford a down payment, calculate how much a 20% down
payment would be based on the list price of your house.
Round to two decimal
places if needed.
(4 points)
g.
Based on this down payment amount, what is the value of the loan that you must
take out to buy your house? Round to two decimal places if needed.
(4 points)
h.
Calculate a monthly payment BY HAND WITH A FORMULA associated with
the interest rate you found above and a 30-year fixed mortgage assuming you can
make the 20% down payment on this house.
Show all work and use the correct
formula. If you only put the answer, you will not receive credit! Round to two
decimal places. (
4 points
)
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