M4A2 Problem Write-up: A Focus on Mortgages

Based on what you learned from the problem you solved with your group, you will submit a written report describing your solution to a similar problem, below. The report is due on the last day of the module (Sunday at 11:59pm).

Instructions:

Answer each of the following questions in your own words. Do not copy and paste or retype the questions themselves into your document, as this will cause unreliable results at Turnitin.com. Simply provide the answers.

For decades, home ownership has been part of the “American Dream.” The McIntosh couple decided to choose a home close to their job locations, and the couple found a home costing $234,900. The couple has also saved 5% of this value in anticipation that their home loan would require it as a down payment (as many do require between 5% and 20% down). At the mortgage company, they learned there are loan options available to them:

15-year fixed with an APR of 2.8%
30-year fixed with an APR of 3.5%

1.      Assuming the couple paid the down payment of 5%, how much money did the mortgage company loan them?

2.      What would be the McIntosh’s monthly payment for each loan choice presented to them?

3.      How much will the couple pay over the life of each loan? What percentage of the total for each would be interest?

4.      Which option would you encourage them to choose? Support your answer with what you have discovered from this problem.

You may use ideas from the discussion board, but you are expected to write your solution using your own words to explain your reasoning. The report should be no more than 3 pages.

Keep the following in mind to maximize credit for your write-up:

A.    Review the rubric your instructor will use to score your work. (See Evaluation Criteria below).

B.     Answer all parts of the problem.

C.     Write your solution in your own words. Show your justification for every step in your solution, using clear, mathematically accurate language. You can use phrases to explain your reasoning from step to step, but clearly state your final conclusions using complete English sentences (for example, “Jill needs to add 43 gallons of water to her pool”).

D.    Label all numbers with the units they represent (e.g., 0.3048 ft/meter).

E.     Type your write-up in MS Word and try to use the Equation Editor so that your equations are clear.

a.       The video How to use Equation Editor in Microsoft Office (Links to an external site.)Links to an external site. is a good tutorial. For this course, it is sufficient to watch segments 0:00-5:00 and 9:50-12:00. Don’t forget how to cancel units in Word, which was explained in Module 1.

b.      If you cannot type your equations, you may hand-write the mathematics in dark ink, scan your paper, check for legibility then upload your work.

Compose your work in a .doc or .docx file type using a word processor (such as Microsoft Word, etc.) and save it frequently to your computer. For those assignments that are not written essays and require uploading images or PowerPoint slides, please follow uploading guidelines provided by your instructor.

Check your work and correct any spelling or grammatical errors. When you are ready to submit your work, click “Submit Assignment” in the upper right corner. Click on “Browse,” browse your computer, and select your file. Click “Open” and verify the correct file name has appeared next to the Browse button. Enter your comments, if any, in the Comments area. Click on “Submit Assignment.”

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Status NEW Posted 22 Jan 2019 11:01 PM My Price 10.00

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file 1548199250-MAT 101 Module 4 Problem Assignment 2 A Focus on Mortgages.docx preview (412 words )

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