Home Project: Section V
1

Home Project: Section V
2
Use your linear equations in part IV.
After the loan is paid off, how much will you have paid
to the bank for your home? Show your work.

1.
How much of that total payment will be paid in interest?
Show your work.
a.
For the 30-year fixed mortgage

b.

c.
For the 30-year fixed mortgage (with penalty) (5 pts):
______________
Original price:
420,777.50 US Dollars
With interest:
$815,029.20
Interest paid: 394,251.70

Home Project: Section V
3
Comparing all three mortgages, address the following questions and thoroughly explain your
reasoning:
Which mortgage seems to make the most sense for you? Explain your answer using at least 2
complete sentences.