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What impact does interest rate have on mortgage payments?
- Students will examine the difference in mortgage payments when interest rates change.
- They will also examine the impact of term length on the total cost of a house purchase.
Using the MLS- Multiple listings site, you will choose two homes to purchase. One home must cost between $200,000 - $250,000 and the other should cost approximately $100,000 more than the first house you chose.
You will use a mortgage calculator to calculate the monthly payment for each house at two different interest rates. You will also calculate the total cost of purchasing the homes.
Here's some help- this mortgage calculator will help you find the total cost of borrowing