In January how much of the payment went to paying principal? ī. Use the Socratic method and ask the following questions:Ī. The students now have a table that you can use to ask questions and build their personal finance skills.Ħ. Use the template to input the following data:ĥ. Have students download The Mortgage Amortization template.Ĥ. Explain key words:, , and Annual Percentage Rate.
interest and how the ratio between the two changes over the course of the loan.Ģ. Introduce the concepts such as down payment, principal vs. Cover the basic information of how the loan is structured. Offer students a short primer on mortgages and loans for homes.
Mortgage Calculator: For those without access to Excel, this online mortgage calculator can be used instead of the template.Mortgage Amortization: Microsoft’s template.Annual Percentage Rate APR: Definition and explanation of the annual percentage rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
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