Haley's Website

Below is my e-portfolio project for Math 1050.
This project really helped me to better understand financing a mortgage. In the project we where buying a house with a down payment. We where asked to calucalate a 10% downpayment then subtract that fromt he total cost. From the new cost we learned how much it would cost montly if we where to do a 30 year loan. From that we also had to calculate a minimum take home pay in order to not only pay off the house but also live. This calculation then made us take into account the amount of your pay check that goes to taxes. This helps you understand if you make enough in a year to own a house by taking in all your expenses. We used a website to help break down how many payment where to be made over 30 years and how much each payment would be and where the money was going.
After we completed the calculations for the 30 year loan we compared the price of it to a 15 year loan, in this loan we ended up paying less in interest then with the 30 year loan. The second half of the project also asked us to take into account what would happen if we payed more then the minimum required amount monthly. By adding just $100 to your monthly payment you drastically reduce the total amount of interest charged by the end of the loan. This also allows you to pay of the loan faster then 15 years.
I feel that his project is very helpful to students by helping them better understand their fanances and how to calulcate for them. I know that in the future I will be using the attached website to help for see my finances.