This assignment will give you the opportunity to apply what you have learned about Time Value Money to everday life

This assignment will give you the opportunity to apply what you have learned about Time Value Money to everday life. In this instance, calculating a mortage’s monthy payment and principle.

 Instructions: 

Congratulations!  You have just signed a contract to purchase your first home.  Your purchase price is $300,000 and you plan to put 20% down. Calculate your monthly principal and interest payments for the life of the loan for:

 • a 15-year mortgage at 2.875%

 • a 30-year mortgage at 3.25%.   

Compare and contrast these two options.

  • What are the Pros and Cons of each?

 Requirements: 

• Add the specifics for type of media, length, and format. 

• Submit a Word document or Excel spreadsheet.  • At least 1 page in length.