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    Mortgage Lab Signature Assignment Weebly 2

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    api-490270087
    The document discusses a mortgage lab completed in a math class that introduced compound interest, 15- and 30-year mortgages, and determining future value of purchases. The student enjoyed learning how math applies to real world scenarios like home and car buying. As a mortgage broker, it would be important to explain the lab concepts to clients so they understand risks of borrowing and that minimum payments result in paying almost double for a house.

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    Mortgage Lab Signature Assignment Weebly 2

    Uploaded by

    api-490270087
    302 views7 pages
    The document discusses a mortgage lab completed in a math class that introduced compound interest, 15- and 30-year mortgages, and determining future value of purchases. The student enjoyed learning how math applies to real world scenarios like home and car buying. As a mortgage broker, it would be important to explain the lab concepts to clients so they understand risks of borrowing and that minimum payments result in paying almost double for a house.

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    mortgage lab signature assignment weebly 2

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    The document discusses a mortgage lab completed in a math class that introduced compound interest, 15- and 30-year mortgages, and determining future value of purchases. The student enjoyed learning how math applies to real world scenarios like home and car buying. As a mortgage broker, it would be important to explain the lab concepts to clients so they understand risks of borrowing and that minimum payments result in paying almost double for a house.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    302 views7 pages

    Mortgage Lab Signature Assignment Weebly 2

    Uploaded by

    api-490270087
    The document discusses a mortgage lab completed in a math class that introduced compound interest, 15- and 30-year mortgages, and determining future value of purchases. The student enjoyed learning how math applies to real world scenarios like home and car buying. As a mortgage broker, it would be important to explain the lab concepts to clients so they understand risks of borrowing and that minimum payments result in paying almost double for a house.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 7

    The mortgage lab we completed in math 1030 was a brief introduction to compounding interest,

    15- and 30-year mortgages and how to determine the future value of a purchase. I quite enjoyed

    this lab. It gave me a better understanding of where my money is going each month. I think this

    project shows how math can be applied to the real world by using real world scenarios. Buying a

    house is a goal that most Americans share and learning these financial equations Provide a

    benefit of education that the consumer can use to make a sound decision on what loans to

    consider and what type of purchase one could afford. Another application that you could use the

    formulations for is when it comes to purchasing a car. Most people I know in the workforce do

    seem to drive a car to work and have had to require a car loan and one point or another. Learning

    how to determine your cost when it comes to a car purchase can help you determine if you can

    not only afford the car payment, but the other fees associated with it. If I were a mortgage

    broker, it would be important to explain the details of this mortgage lab to a client, so they

    understood the risks of borrowing money from the bank. I would want my clients to realize that

    there are multiple ways to pay off a mortgage, but with the minimum payment I would like them
    to understand that they will be paying almost double for their house. If I were a mortgage broker,

    I would like to educate my clients on ways that they could save themselves money and also

    secure their financial future. When thinking about long-term or short-term mortgages deciding

    how long you want to commit to your mortgage or location can affect your finances for years to

    come. The difference between a 30 year and a 15-year mortgage can either cost or save you more

    depending on your situation. A 15-year mortgage minimizes your total borrowing costs and

    allows you to eliminate your mortgage debt quickly. A 30-year loan has a lower monthly

    payment allowing you to save more for other goals and pay for unexpected expenses. No, this

    assignment did not change my perspective on the importance of math. By doing this project it

    has gave me more knowledge of what we can accomplish when using math and knowing how to

    use equations. Not to mention the importance of equations, without them we would be lost in a

    pile of numbers and letters. Although this module has expanded my knowledge on the

    importance of finance. I have learned how to be able to solve problems using algorithms or

    formulas and communicate methods of solutions and solutions to problems for the clarity of the

    receiver.

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