MAT 146-02 Spring 2022 Name:_________________________

Project #6 Submit Completed Project through Blackboard Due 4/28 by 11:59 PM

You may work with others, but you must submit your own work.

1. You decide to buy a $200,000 home. You make a 5% down payment and get a 30-year mortgage at 3.2%.

1. (2 points) Amount of the down payment:______________

1. (3 points) Amount that you are borrowing from the bank:________________

1. (10 points) Find the monthly payment. You must show your equation for credit.

1. (5 points) Find the total amount of the mortgage. You must show your equation for credit.

1. (5 points) Find the total interest paid. You must show your equation for credit.

1. You decide to buy a $200,000 home. You make a 20% down payment and get a 30-year mortgage at 3.2%.

1. (2 points) Amount of the down payment:______________

1. (3 points) Amount that you are borrowing from the bank:________________

1. (10 points) Find the monthly payment. You must show your equation for credit.

1. (5 points) Find the total amount of the mortgage. You must show your equation for credit.

1. (5 points) Find the total interest paid. You must show your equation for credit.

1. You decide to buy a $200,000 home. You make a 20% down payment and get a 20-year mortgage at 2.9%.
   1. (10 points) Find the monthly payment. You must show your equation for credit.

1. (5 points) Find the total amount of the mortgage. You must show your equation for credit.

1. (5 points) Find the total interest paid. You must show your equation for credit.

1. You decide to buy a $200,000 home. You make a 20% down payment and get a 15-yearmortgage at 2.7%.
   1. (10 points) Find the monthly payment. You must show your equation for credit.

1. (5 points) Find the total amount of the mortgage. You must show your equation for credit.

1. (5 points) Find the total interest paid. You must show your equation for credit.

1. (10 points) Which of these four mortgage choices would you choose? Please consider monthly cost, down payment and total cost of the mortgage/interest paid. There is no rightanswer, but you need to explain why you would choose the one you did.