Nelson Creath Math 1035

Mortgage Lab Reflection

This was my first time doing anything like this and it has great real world applications.

The only thing that could make it more realistic would be different interest rates that reflect the

current state of the market. The prices of the home could have been adjusted as well for the same

reason.

This type of math can be applied in the real world when purchasing a car or something of

high value with a loan. Anytime you are borrowing money you will owe interest so its very good

to learn how to calculate in order to make an informed decision.

If this were your profession then you need to be able to explains to pros and cons of

certain loans you write so you don’t effect people negatively and get them into something they

aren’t sure of.

The best loan option is the 30 year loan with extra payments, the other two are OK. The

30 year loan has the best interest rate. The other two options are not as good but it depends what

kind of commitment you want to make with your investment.

I feel glad that I know this now. When it comes time for me to take out a large loan now I

will know what to look for. I hope that I can use this information to my advantage. Especially as

the market changes it is good to know what will be best strategically for my future.

I was asked to research my future career salary to see if it will effect home buying. The

answer was no, I still will make enough to pay for a house with the major I chose.