Mathematics Homework Help
SU Amount of Loan & Monthly Payments for Mortgages for A House Exercise Example
Goal
The goal is to obtain a house or condominium to put you closer to your job. You are currently 55 minutes away.
The problem or challenge is to purchase the home while staying within your allotted amount for housing.
Role
You are a young adult with a monthly take home pay of $2,200. You have $10,000 saved for the purchase of your house.
Audience
You need to convince a loan officer from the lending institution to give you the loan at the rate you want (please refer to the chart we have used throughout this unit). Make certain you have enough for the down payment and stay within 35% of your income.
Situation
The challenge involves choosing a house. You have narrowed your choices down to the following:
- A small two bedroom home in need of a few minor repairs costing approximately $2,500. The house costs $70,000 and is about 25 minutes from your job.
- A condominium that is within walking distance from work. It has 2 bedrooms and costs $75,000. You also have a $125/month property maintenance fee.
- A very small one bedroom house that costs $60,000. The house is 15 minutes from work and needs no repairs.
Product, Performance, and Purpose
You need to create 2-column table so that you can list the pros and cons to buying each house. When you make your table, make a decision on which home you will buy. Explain why you made the choice you did and eliminated the other possibilities.
Standards and Criteria for Success
- Your decision must meet the following standards:
- You must have well thought out pros and cons for each house.
- You must make your choice based on the income you have been given.
- Assume that taxes are relatively comparable for all 3 options and they are part of the same school district.
Please upload your completed assignment here. Be sure you have included your name at the top of your document and as part of the file name. Be sure to review the rubric to see how you will be graded.
Rubric
Module 4 Assignment Rubric
| Criteria | Ratings | Pts | ||||
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This criterion is linked to a Learning OutcomeUse of Content Vocabulary (10) |
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10.0 pts |
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This criterion is linked to a Learning OutcomePro-Con Table (10) |
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10.0 pts |
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This criterion is linked to a Learning OutcomeStays within monetary housing limit. (10) |
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10.0 pts |
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This criterion is linked to a Learning OutcomeExplanation (10) |
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10.0 pts |
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This criterion is linked to a Learning OutcomeOrganization, Neatness and Citation (10) |
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10.0 pts |
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Total Points: 50.0 |
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