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The Mortgage Worksheet Project IN 3 HOURS
· The Mortgage Worksheet Project (up to 25 points are possible) DUE DATE: Monday, June 19 at 11:59pm. This project is based on the material learned in Section 10.5, Buying a House with a Mortgage. For a sample, please view the mini-mortgage worksheet that is included at the end of the Section 10.5 Class Notes. Please find two links for the Mortgage Project below. The first link is a Word Document of the Mortgage Worksheet project. The second link is a pdf file of the same document (just in case you do not have Microsoft WORD on your computer). Pdf files can be viewed and printed using Adobe Reader, which is free software and easy to install if necessary. Please read through these additional Mortgage Project instructions that are on top of the worksheet as well as the additional instructions here: - Print legibly and always use complete sentences with correct grammar and punctuation.
- Show all of your work. This means listing formulas that you used and showing how you used the formulas to arrive at your answer.
- For #5 and #8 on the worksheet, you must also print off a copy of the on-line sources and send them to me along with your completed worksheet. The print off is required as sometimes the source URL becomes outdated (or the information changes) by the time I am able to look it up for grading.
- The goal is to buy a house that you can afford. If it turns out that you cannot afford the house that you selected, try again. It also should be a house that you could live in comfortably. (Would you actually buy and live in a run-down $15,000 house?)
- The house price should come from a real house that is for sale. You can often look online for homes that are for sale through realtor websites (vincennesrealty.com, etc.).
- The interest rate that you find needs to be a real interest rate offered by a bank. These can change daily, so be sure to print out your source! Find current mortgage rates from the website of a bank (etfcu.org, etc.)