Loan Project: Buying a House For this assignment, you will analyze a home mortgage loan. 1. Find a description, asking price, and real estate taxes of a house for sale, and decide on a purchase price you would be willing to pay (assuming you have the means). Find a current market interest rate for a 30-year fixed-rate mortgage having a down payment of 20 percent of the purchase price. 2. Compute the down payment, amount financed, and the monthly mortgage payment (showing how to use the appropriate financial formula). 3. Compute the monthly amount of real estate taxes and add to the monthly mortgage payment to get the total monthly amount paid. 4. Suppose that in order to qualify for the loan, the total monthly amount paid cannot exceed 30 percent of monthly income. What is the minimum monthly income needed to qualify for the loan? What is the minimum annual income needed? (Note: This is a simplified minimum income requirement calculation, for the purposes of this project, as it does not take into account other costs such as insurance or other loans or assets currently held.) 5. Construct an amortization table (using spreadsheet software or online resources such as http://www.bankrate.com). 6. Assume that the first payment is made in January of the current year. Find the month and year of the last payment. Find the date of the first month when the amount applied to the principal exceeds the amount of interest paid. How many of the 360 payments have been made at this point? 7. Assuming that the mortgage is held for the full 30 years, compute the total principal paid and the total interest paid. 8. Effectively communicate your analysis, interpretation, evaluation, and the results you found to be particularly interesting, and why. Your report must include • name of project and your name • house's description, asking price, and real estate taxes, the purchase price, and the current market interest rate (include references) • computations and answers for tasks 2, 3, and 4, amortization table for task 5, answers for task 6, and computations and answers for task 7 • conclusion (task 8) =:,r€E i 'giE t;$ ; [E jiE *$?j ?€$iE f l*{i c*F c € = ? { sE E E j 6 i es € +E f €#$ E i E F E H s E 5 s r E ; ; giggI iE ig?it Ft gl iiaiE it i ff ii irert rigggi ; i''i', , ' g\e. \\)G. \'G I .s*a,Ro Fr-{ \Sqraq)*i\a<\l-\r\P\\S ,4&FFitrHO €; i.iE I E E u E A c 9.=O >a\ H tr-- 9cY = i $;E + (u tr =s !: -(JoE -C Q o H -.S .9 d * & E T E fr tr-o-atr.9 r! ?€ sE iE il _.1 =J b E h ) t-.1 (,) ll * !e C o n 3 6 E bh.g rr:.d;,9d':'tr j E xi q E i r0.'::drf:tr =,leE 'S (t:E = ^.9 P = E c Zj Fii E E g E r 'E a E # r & ii E fi 8 ! P 3E 3 g F-E E E E ; E (! >,(J (! !i qJ o!E .E tE P *: P sE ; H I :''E U = 5 e T E S T iE A ) E t s 5 E H -S v(ro6E C bO o. : it lE iit*t+ial1 ...

1. Loan Project: Buying a House
For this assignment, you will analyze a home mortgage loan.
1. Find a description, asking price, and real estate taxes of a
house for sale,
and decide on a purchase price you would be willing to pay
(assuming you
have the means). Find a current market interest rate for a 30-
year fixed-rate
mortgage having a down payment of 20 percent of the purchase
price.
2. Compute the down payment, amount financed, and the
monthly mortgage
payment (showing how to use the appropriate financial
formula).
3. Compute the monthly amount of real estate taxes and add to
the monthly
mortgage payment to get the total monthly amount paid.
4. Suppose that in order to qualify for the loan, the total
monthly amount paid
cannot exceed 30 percent of monthly income. What is the
minimum
monthly income needed to qualify for the loan? What is the
minimum

2. annual income needed? (Note: This is a simplified minimum
income
requirement calculation, for the purposes of this project, as it
does not take
into account other costs such as insurance or other loans or
assets currently
held.)
5. Construct an amortization table (using spreadsheet software
or online
resources such as http://www.bankrate.com).
6. Assume that the first payment is made in January of the
current year. Find
the month and year of the last payment. Find the date of the
first month
when the amount applied to the principal exceeds the amount of
interest
paid. How many of the 360 payments have been made at this
point?
7. Assuming that the mortgage is held for the full 30 years,
compute the total
principal paid and the total interest paid.
8. Effectively communicate your analysis, interpretation,
evaluation, and the results
you found to be particularly interesting, and why.
Your report must include

3. • name of project and your name
• house's description, asking price, and real estate taxes, the
purchase price,
and the current market interest rate (include references)
• computations and answers for tasks 2, 3, and 4, amortization
table for task
5, answers for task 6, and computations and answers for task 7
• conclusion (task 8)
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Dr. Ahmed Mohamed
Finite Mathematics – Math 106 Fall 2017
Quiz # 1 (100 pts) 10/26/2017
(Show all your work to get full credit. This quiz covers
materials from week 1. Ch 9)

118. 1. (20 pts) Suppose that you have $6000 to invest. Which
investment yields the greater over 4 years: 8.25% compounded
quarterly or 8.3% compounded semiannually?
2. (20 pts) A passbook saving account has a rate of 6%. Find the
effective annual yield, rounded to the nearest tenth of a percent,
if the interest is compounded
a. quarterly
b. 1000 times per year.
3. (20 pts) At age 25, to save for retirement, you decide to
deposit $200 at the end of each month into an Individual
Retirement Account (IRA) that pays 7.5% compounded monthly.
a. How much will you have from the IRA when you retire at age
65?
b. Find the interest
4. (40 pts) The price of a home is $195,000. The bank requires a
10% down payment. The cost of the home is financed with a 30-
year fixed rate mortgage at 7.5%.
a. Find the required down payment.
b. Find the amount of the mortgage.
c. Find the monthly payment (excluding escrowed taxes and
insurance).
d. Find the total interest paid over 30 years.

119. Dr. Ahmed Mohamed
Finite Mathematics
–
Math 106
Fall
2017
Quiz # 1
(100 pts)
10/26
/2017
(
Show all your work
to get full credit
. This
quiz covers material
s
fr
om week 1. Ch 9
)

120. 1.
(
20 pts)
Suppose that you have $6000
to invest. Which investment yields the greater over 4
years: 8.25% compounded quarterly or 8.3% compounded
semiannually?
2.
(
20 pts)
A passbook saving account has a rate of 6%. Find the effective
annual yield, rounded
to the nearest tenth of a percent,
if the interest is compounded
a.
quarterly
b. 1000 times per year.
3.
(
20 pts)
At age 25, to save for retirement, you decide to deposit $200 at

121. the end of each month
into an Individual Retirement Account (IRA) that pays 7.5%
compo
unded monthly.
a. How much will you have from the IRA when you retire at age
65?
b. Find the interest
4.
(
4
0 pts)
The price of a home is $195,000. The bank requires a 10% down
payment. The
cost of
the home is financed with a 30
-
year fixed rate mortgage
at 7.5%.
a. Find the required down payment.
b. Find the amount of the mortgage.
c. Find the monthly payment (excluding escrowed taxes and
insurance).
d. Find the total interest paid over 30 years.

122. Dr. Ahmed Mohamed
Finite Mathematics – Math 106 Fall 2017
Quiz # 1 (100 pts) 10/26/2017
(Show all your work to get full credit. This quiz covers
materials from week 1. Ch 9)
1. (20 pts) Suppose that you have $6000 to invest. Which
investment yields the greater over 4
years: 8.25% compounded quarterly or 8.3% compounded
semiannually?
2. (20 pts) A passbook saving account has a rate of 6%. Find the
effective annual yield, rounded
to the nearest tenth of a percent, if the interest is compounded
a. quarterly
b. 1000 times per year.
3. (20 pts) At age 25, to save for retirement, you decide to
deposit $200 at the end of each month
into an Individual Retirement Account (IRA) that pays 7.5%
compounded monthly.
a. How much will you have from the IRA when you retire at age
65?
b. Find the interest
4. (40 pts) The price of a home is $195,000. The bank requires a
10% down payment. The cost of
the home is financed with a 30-year fixed rate mortgage at

123. 7.5%.
a. Find the required down payment.
b. Find the amount of the mortgage.
c. Find the monthly payment (excluding escrowed taxes and
insurance).
d. Find the total interest paid over 30 years.