One of the most popular types of installment loans is a home mortgage, which is designed specifically to help you buy a home. Imagine that you are going to buy a home. Please go online and find your dream property. The bank offers you a choice of a 30-year loan at an APR of 4 % or a 15-year loan at 3.5 %.
1. Compare your monthly payments and total loan cost under the two options. (Assuming that the closing cost are the same in both cases and therefore do not affect the choice.)
2. What option would you choose?
3.Write a two to three-page essay explaining your mortgage and what you have learned about it during this semester.
In addition to answering the above questions, show your calculation and include the vocabulary, such as down payment, closing cost, etc., from the course. You might want to find and include an article (dated from this semester) that deals with this topic. It may be a news article, letter to the editor, cartoon, advertisement, etc. If you use an article, please provide information on the newspaper’s name, date of publication, and topic to which the clipping relates and a copy of the article. (Do not just summarize what the article already stated. Explain how it relates to what you have learned during the course.)
Requirements
1.Project paper must be double spaced, in 12-point font with 1-inch margin.2.Include a cover sheet with the following: your name, due date, instructor’s name, and name of the course.3.The project shouldbe uploadedon D2Lby 11/25.
Grading Scale
Your project will be graded using the following rubric.
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Points
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Include a clear introduction and conclusion (including thoughtful and reasonable justifications).
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8
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Include ideas and vocabulary from the course.
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2
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Include the formula and your calculation.
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8
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Compere the options.
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4
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Thoughtful interpretation of the problem in the body of the paper.
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20
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Paper of proper length (2-3 pages long).
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4
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Use of correct grammar punctuation.
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2
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Work cited page which will include the proper bibliographic references.
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2
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Submission of the project byuploaded on D2Lby 11/25.
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10
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Total
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60
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