Overview: This assignment will give you the opportunity to apply what you have learned about Time Value Money to everyday life. In this instance, calculating a mortgage's monthly payment and princip

Overview: 

 This assignment will give you the opportunity to apply what you have learned about Time Value Money to everyday life. In this instance, calculating a mortgage's monthly payment and principle. 

  Instructions: 

 Congratulations!  You have just signed a contract to purchase your first home.  Your purchase price is $300,000 and you plan to put 20% down. Calculate your monthly principal and interest payments for the life of the loan for: 

 • a 15-year mortgage at 2.875% 

• a 30-year mortgage at 3.25%.  

 Compare and contrast these two options.  

  • What are the Pros and Cons of each?  

Requirements:

  • Add the specifics for type of media, length, and format.

 • Submit a Word document or Excel spreadsheet. 

 • At least 1 page in length. 

Resources:

https://www.youtube.com/watch?v=mjqXAaQqFqs