Mortgage 5%
Numbers
Amount Borrowed: $548,800
Total Interest Paid: $511,788
Total Paid to the Bank: $1,060,588
Amount Borrowed: $548,800
Total Interest Paid: $511,788
Total Paid to the Bank: $1,060,588
Reflection
While working on this project, I learned that home mortgage can take up to 30 years to pay off, which is a pretty long time. I also learned how to set up a spreadsheet to show that. This project was pretty easy, because all I really had to do was copy and paste the formulas in and then figure out what they were doing and how that related to the project. I added in the formulas for the first couple months, then copied them down to the last row. The main trouble I had was my fault, I put in the wrong formulas for one of the rows, and then I copied down two different formulas, which confused the spreadsheet program and me. I figured out that I had to copy the formula from the second month into the third month manually, and then copy them down and it worked fine after that.
While working on this project, I learned that home mortgage can take up to 30 years to pay off, which is a pretty long time. I also learned how to set up a spreadsheet to show that. This project was pretty easy, because all I really had to do was copy and paste the formulas in and then figure out what they were doing and how that related to the project. I added in the formulas for the first couple months, then copied them down to the last row. The main trouble I had was my fault, I put in the wrong formulas for one of the rows, and then I copied down two different formulas, which confused the spreadsheet program and me. I figured out that I had to copy the formula from the second month into the third month manually, and then copy them down and it worked fine after that.
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