This assignment will give you the opportunity to apply what you have learned about Time Value Money to everday life. In this instance, calculating a mortage's monthy payment and principle.

Instructions:

Congratulations! You have just signed a contract to purchase your first home. Your purchase price is $$300,000$ and you plan to put $20\%$ down. Calculate your monthly principal and interest payments for the life of the loan for:

a $15-$year mortgage at $2\mathrm{.}875\%$

a $30-$year mortgage at $3\mathrm{.}25\%.$

Compare and contrast these two options.

What are the Pros and Cons of each?

Requirements:

Add the specifics for type of media, length, and format.

Submit a Word document or Excel spreadsheet.