MATH 1030
FINANCE PROJECT
COURSE REFLECTION
In Math 1030 Quantitative Reasoning I had the opportunity to write different projects and make different exercises related with daily life problems. I would say that the most helpful lesson in this class have been my Finance Project.
In this project we had to "find and buy an affordable house", make calculations based on the mortgage with two different rates, and then make a down payment to start a calculation process for the loan and the time we will pay the mortgage. We created a chart for 15- and 30 year loans at different rates from Wells Fargo and Chase. After all these initial research, we had to work on determine how much we would pay in interest over the course of the loan depending on the interest and length of the loan.
I found this assignment very beneficial because it gave me a better idea how works the economic system related with buying or selling a house. I have learned a lot about interest, mortgage, refinance, annuity, etc.. not just with my finance project, but with different homework and quizzes we took during the time of this class.
I never realized how big can be the percentage that we pay for a house for certain amount of money by certain time.
The importance of this class I can related with my daily life, because now I am going to be able to put in practice what we have learned in class, I am going to make a better decision when is time to buy a house, I will know how much money I am able to pay every month, how much money I have to pay for down payment, etc.
In this project we had to "find and buy an affordable house", make calculations based on the mortgage with two different rates, and then make a down payment to start a calculation process for the loan and the time we will pay the mortgage. We created a chart for 15- and 30 year loans at different rates from Wells Fargo and Chase. After all these initial research, we had to work on determine how much we would pay in interest over the course of the loan depending on the interest and length of the loan.
I found this assignment very beneficial because it gave me a better idea how works the economic system related with buying or selling a house. I have learned a lot about interest, mortgage, refinance, annuity, etc.. not just with my finance project, but with different homework and quizzes we took during the time of this class.
I never realized how big can be the percentage that we pay for a house for certain amount of money by certain time.
The importance of this class I can related with my daily life, because now I am going to be able to put in practice what we have learned in class, I am going to make a better decision when is time to buy a house, I will know how much money I am able to pay every month, how much money I have to pay for down payment, etc.