Login

Create Account
+14156709189
info@expertsmind.com
Submit Homework/Assignment
Get quote & make Payment
Get Solution
Assignment 2: Financial Project, Algebra
ue Week 7 and worth 55 points
Five (5) years ago, you bought a house for $171,000, with a down payment of $30,000, which meant you took out a loan for $141,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information:
Escrow payment
$261.13
Principle and Interest payment
$822.84
Total Payment
$1,083.97
Current Loan Balance
$130,794.68
Write a one to two (12) page paper in which you address the following:
Part 1
With your current loan, explain how much additional money you would need to add to your monthly payment to pay off your loan in 20 years instead of 25. Decide whether or not it would be reasonable to do this if you currently meet your monthly expenses with less than $100 left over.
(a) Explain your strategy for solving the problem.
(b) Present a stepbystep solution of the problem.
(c) Clearly state your answer to Part 1. What is your decision?
Part 2
Identify the highest interest rate you could refinance at in order to pay the current balance off in 20 years and determine the interest rate, to the nearest quarter point, that would require a monthly total payment that is less than your current total payment. The interest rate that you qualify for will depend, in part, on your credit rating. Also, refinancing costs you $2,000 up front in closing costs.
(a) Explain your strategy for solving the problem.
(b) Present a stepbystep solution of the problem.
(c) Clearly state your answer to Part 2. What is your decision?
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with oneinch margins on all sides; citations and references must follow APA or schoolspecific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Apply finance formulas and logarithms to amortize loans and calculate interest.
Use technology and information resources to research issues in algebra.
Write clearly and concisely about algebra using proper writing mechanics.
Posted Date: 2/24/2013 7:00:46 PM  Location :
Ask an Expert
Related Discussions:
Assignment 2: Financial Project, Assignment Help, Ask Question on Assignment 2: Financial Project, Get Answer, Expert's Help, Assignment 2: Financial Project Discussions
Write discussion on Assignment 2: Financial Project
Your posts are moderated
Write your message here..
Related Questions
Stutdent, #question.3000 board feet of maple lumber for making their classi...
#question.3000 board feet of maple lumber for making their classic and modern maple rocking chairs. A classic maple rocker requires 15 board feet of maple, and a modern maple rocke
Solve twostep equations, hello! at my school we are learning how to solve ...
hello! at my school we are learning how to solve twostep equations but i am having a little trouble. can you please help me?
Factorable quadratic equation, Let's begin with ...
Let's begin with x 2 + bx and notice that the x 2 hold a coefficient of one. That is needed in order to do this. Now,
Slopeintercept form, (5,2) y=5/2x+3
(5,2) y=5/2x+3
Exponents, 10 to the 50th exponent
10 to the 50th exponent
Integers, 25 equations that equall 36
25 equations that equall 36
Factoring special cases, 64n^21
64n^21
Sigma notation expansion, How do you expand a sigma notation from x to x of...
How do you expand a sigma notation from x to x of a variable that is not defined in the index. For example, summation of i=1 to n of x?
Word problems, omar loves bags of potato chips and ice cream bars, and they...
omar loves bags of potato chips and ice cream bars, and they have fat and calories as follows: bags of potato chips contain 12 grams of fat and 325 calories; ice cream bars contain
Mathematical definition absolute value equations, We can also indicate a st...
We can also indicate a strict mathematical/formula definition for absolute value. It is, It tells us to look at the sign of p & if it's positive we just drop the absolute
Assignment Help
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
IT Courses and Help
ExpertsMind Services
Online Tutoring
Projects Assistance
Exam Preparation
Coursework Help
Programming Courses
Engineering Courses
Why Us ?
~Experienced Tutors
~24x7 hrs Support
~Plagiarism Free
~Quality of Work
~Time on Delivery
~Privacy of Work