1 / 4
MAT 143 Comparing Loan Options
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:
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
(Please write this value in the chart below in the first row under “Balance”.)
(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.)
Hi there! Click one of our representatives below and we will get back to you as soon as possible.