Sara is trying to decide if she wants to buy a home for $150,000 with a 20 year mortgage and an APR of 4.75% or to rent an apartment for $2,100 monthly rent that has an annual increase of 2%. If she goes with the house she will also have to put a 15% down payment.
How much is her 15% down payment?
What would Sara's monthly mortgage payment be after the down payment? ROUND TO THE NEAREST DOLLAR
If she pays that every month for for 3 years how much will she end up in total in mortgage payments? $
How much will she end up paying in total over those 3 years if she buys a home? (down payment + total mortgage payments) $
Create a chart to see Sara's rent for 3 years, how much will she end up paying in 3 years in rent? Round to the nearest dollar$
Which is cheaper in this scenario for 3 years?? (renting or buying a home? )