Menu
info@onlinenursinghomework.com
Cell: +1 (714) 584-4466

1 / 4 MAT 143 Comparing Loan Options Chapter 4 LAB B Please print and complete this lab.

1 / 4

MAT 143 Comparing Loan Options 

Don't use plagiarized sources. Get Your Custom Essay on
1 / 4 MAT 143 Comparing Loan Options Chapter 4 LAB B Please print and complete this lab.
Just from $9/Page or 300 words
Order Now

Chapter 4 LAB B 

Please print and complete this lab. Once you’ve completed the lab, please answer the questions that correspond with this lab in Moodle in the “Chapter 4 Answer Entry Sheet” located in Chapter 4. 

Comparing Loan Options 

Learning Outcomes: 

Upon completion students will be able to: 

  • * Calculate loan payments, total payments and total interest and principal. 
  • * Analyze loan options and mortgage options. 
  • * Use online tools to determine payments on consumer loans, and to ask appropriate questions about loans.

Scoring/Grading rubric: 

Problem 4 is worth 10 points. All other problems are worth 6 points. Total = 100 

2 / 4

In this lab, we will compare 3 different loan options. Suppose that you are buying a house for $205,000. The loan is at a fixed APR of 3.5% for 30 years. 

Option 1: Making a down payment 

  • 1. If a 10% down payment is required, calculate this amount: ______________ 
  • 2. What amount remains to be financed (this will be your loan amount)? _____________ 

(Please write this value in the chart below in the first row under “Balance”.) 

  • 3. Use the “Loan Payment Formula” to calculate your monthly payment: ______________ 

(Note that property tax and homeowner’s insurance will usually be added to the monthly payment, but we will look at just the payment on the principal for comparison purposes.) 

  • 4. A table of principal and interest payments over the life of a loan is called an amortization table. Amortization tables can be built by hand but are ideally built with a spreadsheet or using an online tool. Go to Moodle and use the “Amortization Table Spreadsheet for Chapter 4 Lab” to complete the Amortization Table below.

Looking for a similar assignment? Get help from our nursing qualified experts!

Order Now

Open chat
Get help
You can now contact our live agent via whatsapp! ping +1 (714)-584-4466.
You will get plagiarism free custom written paper