UIC Down Payment Math Problem

Question Description

I need an explanation for this Mathematics question to help me study.

You will have to search for your dream house, calculate the down payment, and the monthly payments for a 30 and 15 years fixed loan. You will use the loan payment formula to determine your monthly payments for a 30-year fixed loan with an APR of 3.75% and for a 15-years fix loan with an APR of 2.97% with a down payment of 5%. You will make a decision on which loan you would take and provide reasons for your choice based on comparing the monthly payment amounts and the total interest paid amounts.

Grading Scale:

  • 2 points- property value with address
  • 5 points – down payment amount and the value of the loan
  • 5 points – monthly payments for 30 and 15 years
  • 3 points – conclusion
  • 5 points – reply to at least two other classmates’ posts