Math 1050 Mortgage Project

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In this project we will erarnine a home loan or mortgage. Assume thd you have found a home fsr sale and have agred to a purcihase price of $tr0f,000

Down Paynent You are going to make a t0% down paSanent on the house. Determinethe mormt of your down p*yrcent md the balance to finace.

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Monthly Payfibrt Calculate the monthly palnnent for a 30 year loan {rounding up to the neaest cent) by using the following forrnula Show your work. lPfuff is &e monthly loan the loan in'decimal, ad payrnent, Pis the mortgage amormt, r is fie @r the number of years to pay offthc toan.l Fofthe 30year loan use m arrualfu@st,Lde of
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Ivfonthly Palment fora 30 yermodgage

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Note that this monthlypaymilt covers onlythe interest and theprincipal on thelom. It does not cover my insurance or ta:res cn the prcperty. Amortization $chedule: [n order to zummsize all fte information reguding the amortizdion of a loar" constnrct a schedule that keps trrck of the paymmt number, the principal pai4 the interest, and &e unpaid balane. A spreadsheet program is an excellent tool to develop an