Amortization Project by Christian Griffith https://padlet.com/griffithc92/n3cbx9in7rlbsewt My mom wants to buy a house and I am helping to make the best plan en-us 2020-04-26 19:18:42 UTC 2023-09-13 01:05:51 UTC hello@padlet.com griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531702952 Alvena Griffith borrowed $300,000 for an Incredible Victorian house to turn it into a bed and breakfast.  She agreed to pay her loan with a monthly payment for 30 years.  The interest rate was 3.87% compounded monthly.  Each monthly payment was $1409.85.   
0.0387/12=0.003225     30x12=360  300,000*0.003225=967.5
300,000=PMT[1-(1.003225)^-360/0.003225)           300,000=PMT212.788082= 1409.853396
]]> 2020-04-26 19:19:03 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531702952 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531703463 2020-04-26 19:19:24 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531703463 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531705363 Alvena Griffith borrowed $300,000 for an Incredible Victorian house to turn it into a bed and breakfast.  She agreed to pay her loan with a monthly payment for 15 years.  The interest rate was 3.87% compounded monthly.  Each monthly payment was $588.39.   
0.0387/12=0.003225     15x12=180  300,000*0.003225=967.5
300,000=PMT[1-(1.003225)^-180/0.003225)           300,000=PMT136.3902504= 2199.57071]]> 2020-04-26 19:20:36 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531705363 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531712891 2020-04-26 19:25:46 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531712891 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531716742 2020-04-26 19:28:28 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531716742 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531717226 2020-04-26 19:28:48 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531717226 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531717656 2020-04-26 19:29:06 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531717656 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531717898 2020-04-26 19:29:17 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531717898 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531718238 2020-04-26 19:29:30 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531718238 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531718640 2020-04-26 19:29:48 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531718640 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531720414 2020-04-26 19:30:57 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531720414 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531724213 2020-04-26 19:33:24 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531724213 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531732334 Alvena and Richard Griffith are going to purchase a new home. The sellers have agreed to a selling price of $375,000. Mike and Martha are going to make a 20% down payment and finance the remainder at 3.87% compounded monthly. Richard thinks a 30-year mortgage makes sense because their payments will be lower. Alvena thinks a 15-year mortgage makes sense because they will pay less interest.
375,000*.2=75000          .0387/12=0.003225            30*12=360           15*12=180
75,000=PMT[(1-(1.003225)^-360/.003225      75,000=PMT[212.788082]= $352.46
75,000=PMT[(1-(1.003225)^-180/.003225      75,000=PMT[136.3902504]= $549.89
]]> 2020-04-26 19:38:38 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/531732334 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532098756 140.985+1409.853396=$1550.84]]> 2020-04-27 01:04:17 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532098756 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532114973 2199.57071+219.957071=2419.527781]]> 2020-04-27 01:19:20 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532114973 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532125711 2020-04-27 01:29:01 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532125711 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532126750 2020-04-27 01:29:55 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532126750 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532128393 By adding 10% to the monthly payments save about 5 years]]> 2020-04-27 01:31:20 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532128393 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532130189 By adding 10% to the monthly payments save about 2 years]]> 2020-04-27 01:32:59 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532130189 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532136539 By going with the 15 year deal with 10% added she saves 12 years of being in Debt]]> 2020-04-27 01:38:52 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532136539 griffithc92 https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532142663 15 year plan with 10% added $54.99+549.89=$604.88

30 year plan with 10% added 35.25+352.46=387.71]]> 2020-04-27 01:44:34 UTC https://padlet.com/griffithc92/n3cbx9in7rlbsewt/wish/532142663