Use the amortization spreadsheet on the web again.

this time entering the interest rate and

number of payments for a I 5 year loan.

Amortization Schedule monthly payment for a l5 year moftgagJ\ I.jl:jJ

(Note: if this is more than 2 or 3 cents different from your c;c;lati6n. ch"ck your numbers!)

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Total interest paid over I s y"ur"

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Number of first payment when more of payment goes torvard principal than interest
Suppose you paid an additional $ 100 towards the principal each month. How long would it take

to pay off the loan with this additional payment and how will this affect the total amount of
interest paid on the loan? [f you are making extra payments towards the principal, include it in
the monthly payment and leave the number of pa-vments box blank.]

Length of time to pay off loan with additional pa,vments of

Total

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Toral amount paid with additional

100 monthlv payments

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Compare this total amount paid to the total amount paid without extra monthly payments. I-low
much more or less would you spend if you made the extra principal payrnents,!
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III: Reflection

Did this project change the way you think about buying a home? Write one paragraph stating
rvhat ideas changed and rvhy. If this project did not change the way you think. write how this
project gave further evidence to support your existing opinion about buy'ing a home. Be specific.

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