Deliverable Length: 3 Parts: See Assignment Details: Task Background: This Individual Project assignment serves as a summary of the key learnings over the past 4 weeks of the course and includes some research for you to help you prepare for what is to come in the last week of the class. In this course, you have focused on the fundamentals of mathematics and how these topics relate to real-world applications. In this assignment, you are a first-time homeowner, and you are required to apply what you have learned in your business algebra math course given various scenarios.
Review the feedback that you received about your Individual Project from your instructor and colleagues. Make revisions or improvements. Then, add the following to Part III:
You have just graduated from college and landed your first big job. You have always dreamed of being a homeowner, and after carefully shopping for your dream home, you find one that you would like to purchase at a cost of $250,000. After researching banks to find the best interest rate, you find that Banks for Homeowners offers the best rate of 6% interest that compounds monthly for 30 years.
•What is the monthly payment for this loan?
•What is the unpaid balance of the loan at the end of 5 years?
•What is the unpaid balance at the end of the 10th year?
•Solve linear equations in the real-world context to prepare for further coursework.
•Illustrate linear functions and their relationship to business, economics, and social science.
•Solve equations and systems of equations in two variables, formulate real-world problems in terms of linear equations, and solve these systems by several commonly applied methods.
•Illustrate compound interest formulas, using them to find future values and present values of a dollar; explain annuities and find the future value or present value of an annuity; illustrate amortization of certain types of installment loans and sinking funds.
•Use spreadsheet technology to create financial applications.