Finding Your Dream Home Examine a local newspaper to find
Chapter 11, Problem 11.1.256(choose chapter or problem)
Finding Your Dream Home Examine a local newspaper to find your dream home and note the asking price. Next contact a loan officer from your local bank, savings and loan, or credit union. Assuming you can make a 20% down payment, determine the interest rates for a 15-year and a 30-year mortgage. Use an amortization calculator (see page 652) with the data you obtained to print amortizations schedules. Compare the monthly payments with the 15-year mortgage to those of the 30-year mortgage. Compare the total interest costs of the 15-year mortgage with those of the 30-year mortgage. Write a report summarizing your findings.
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