This project definitely altered my perspective about buying a home. In my financial literacy class, we have been discussing the topics of money management and tracking. In which, we discussed the most basic costs and concerns in which we may have within the next five to ten years and later on in life. However, when we were discussing the average cost of a monthly home payment, we averaged it to be anywhere between $600-$750, not the $1000 it actually costed. This project was eye-opening in the sense that most things in life are way more expensive than I was planning on.
I discovered the consequences in how shorter versus longer term loans build up and the affect it has on how much more money you end up spending in the end. I also grasped a better understanding of compounding continuous interest through the chart that we we looked at on the website. This affects me now because it helps me to start preparing to be financially responsible and helps me to take money matters more seriously. This will affect me in my future because at some point, whether it is on a house or a rental property, I will need to make sure that I have a job that will allow me to meet my financial needs.
I discovered the consequences in how shorter versus longer term loans build up and the affect it has on how much more money you end up spending in the end. I also grasped a better understanding of compounding continuous interest through the chart that we we looked at on the website. This affects me now because it helps me to start preparing to be financially responsible and helps me to take money matters more seriously. This will affect me in my future because at some point, whether it is on a house or a rental property, I will need to make sure that I have a job that will allow me to meet my financial needs.
| math1050refl.pdf |
