Alison Olson

MATH 1050
April 14, 2015
Signature Assignment
Ive always had an idea of mortgages and the interest rates that go along with them when buying
a home. After completing this assignment, I realize the actual process of how a mortgage work.
Something, I have never heard of is the amortization of a loan and how that works. It helped me
understand how the interest rate affects the principal, which has been I havent always understood before.
The minimum gross salary aspect of this process is what I found most crucial and has made
me a little nervous with the career path I have chosen. Or at least, it has made me more cautious of the
type of home I could afford, when that time comes. I would have to put down a larger principal so I am
not required to pay as much monthly So I better start saving now. Because of this assignment I will
have a better idea of when the appropriate time money wise, for me to start this process and it gives me a
better idea of the process itself and how it works!