Assuming that you can sell the house for this amount, use the following information to calculate your gains or losses: ‘ Selling price of your house 4 48) OOO. Original down payment $30,)o0 Mortgage paid over the ten years4 | |le, 1a ‘The principal balance on your loan after ten years! |4°7, OAC. 4S Do you gain or lose money over the 10 years? How much? Show your amounts and summarize your results: Poel 2b, 320.4% \@3, SAM4 Sellvelog/wath 294, 356.7 ~\47 020 Ae 13g 30R4e e518. 165,58 98 “1%, 200, “Ag 27 1@0.¢0 art III: 15 year Mortgage Using the same purchase price and down payment, we will investigate a 15 year mortgage. Monthly Payment: Calculate the monthly payment for a 15 year loan (rounding up to the nearest cent) by using the following formula. Show your work! [PMT is the monthly loan payment, P is the mortgage amount, ris the annual percent rate for the loan in decimal, and Y is the number of years to pay off the loan.] For the 15 year loan use an annual interest rate of 4.735%. PMT = EA Tar 1a (4ap) ‘Show work here. miss W1BOrs 1a 40 738) : ———>, = 05.70 put ee Ca) SSOTAVES 2ATg5 \RUS 1- (+ SBB8y j= V Monthly Payment fora 15 year mortgage =4MO% .7O_