Show all work for each section. Any paragraphs should be typed and written in
Use Times New Roman, 12-point font and double space.
Cite any resource
that you use. (Click on the following
for a guide to cite resources in APA.) Include
any additional paperwork with your project document. Please note: up to 10% of the total points
could be deducted for shortcomings in sentence structure and mechanics for written responses.
Part IV: Comparing the Different Mortgages
In Home Project, Part 3, you calculated mortgage payments for four different loan options.
part of the project will compare the total costs of the different mortgages over the life of the loan.
Please provide the following information from the previous parts of the Home Project:
Purchase price of home from Part 2: 299,000
Interest rate for 30-year fixed mortgage from Part 3: 5%
Interest rate for 15-year fixed mortgage from Part 3: 3.5%
For each of the four different mortgages, determine after the loan is paid off, how much you
will have paid for your home including the amount you expect to pay at closing?
Loan 1: (use your answer from Part 3, question 3a to help you):