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A WEB QUEST BY BEAU ZENNADI
Contacts: Ed Burge & Dino Ferraresi
Math Models
TEKS (2A,3A,3B,5C,6B,7B)
Introduction Task Process Resources Evaluation
Conclusion
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The average
American family moves about eight times during a life span. And each time they
are going to either rent or buy a home. Such decisions necessitate a good deal
of thought. This web quest is designed to help you find the pros and cons, and
research the financial implications of both buying and renting.
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Task: Produce a PowerPoint Presentation |
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Find
on the Internet a home to buy and rent. Use the information in "Home Sweet
Home" database to generate amortization tables for various loan durations,
and a bar graph comparing the principal amount to the interest paid. Calculate
the P.I.T.I. and compare to the cost of renting.
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This
project is to be completed individually during classroom time. The following are
steps you need to follow in order to finish this project.
1.
Find a house that is available for sale. (realtor.com)
Price range: $100,000-$175,000.
2.
Bring in pictures off the Internet if available.
3.
Give all information about the houses (descriptions, addresses
and costs).
4.
Calculate the down payment based on 20% of the value of
the house to buy.
5.
Go to bankrate.com for the going interest rate for
15-year and 30-year loans.
6.
Use Shared Documents, Excel, or other sources listed in
the database to generate amortization tables for the amount to be financed for
the 15-year and 30-year loans. Copy to PowerPoint and give a brief explanation.
7.
Record the amount of the principal and the amounts of total
interest paid from both loans. Then construct a bar graph comparing the three
amounts (Excel).
8.
Get an itemized insurance policy for the house to buy and
a renter insurance cost (yahoo.finance).
9.
Calculate monthly payment for the house to buy (P.I.T.I).
o
Get the monthly (P.I.) principal and interest from the
30-year loan amortization table. Shared
documents-Monthly payments
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Monthly taxes = (house value x 3%)/12
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Monthly Insurance = annual premium/12
1.
Rent cost = monthly rent + (renter’s insurance)/12
2.
Write a conclusion stating the pros and cons of buying
and renting. Your arguments should illustrate the results from your math
computations, your amortization tables, your graphs, and your discussions with
your teacher. You must include long and short ranges benefit gained from owning
a home, such as income tax, building equity, etc… Also you need to mention the
realtor’s fees when selling the house. Use the Social Studies Pro and Con
Template in the Inspiration program.
Create an outline and copy them to a slide. Write your conclusion from the diagram and
outline.
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The following list offers possible
resources you might consider in order to complete this project. Use any of them
or other resources that relate to the Buying/Renting a home project.
Amarillo National Bank: http://amarillonet.com
1ST Insured: http://www.1stinsured.com/home_insurance_quote.asp
Education Credit Union: http://www.educationcu.com
Yahoo finance
Bankrate.com
Realtor.com
Shared Documents
Inspiration
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Your final grade for this web quest will
be based on the following components.
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Excellent |
Good |
Average |
Below Average |
Try Again |
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Participation: Constructive use of classroom time |
4 |
3 |
2 |
1 |
0 |
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Knowledge: Shows
understanding of the material Able to answer
questions |
4 |
3 |
2 |
1 |
0 |
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Length: Long
enough to cover assigned material |
4 |
3 |
2 |
1 |
0 |
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Calculate the P.I.T.I.: Calculations should support data |
4 |
3 |
2 |
1 |
0 |
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Renting cost: Calculations
should support data |
4 |
3 |
2 |
1 |
0 |
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Content Topic covered
thoroughly Enough
information given to understand topic |
4 |
3 |
2 |
1 |
0 |
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Conclusion: Well written
and in essay format Content of
conclusion should include pros and cons from reading material, and
discussions with teacher |
4 |
3 |
2 |
1 |
0 |
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Design: Creativity Easy to see
and follow |
4 |
3 |
2 |
1 |
0 |
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Soon, you are going to be on your own
and you will have to decide on whether to buy or rent a house. With the use of technology,
you have been able to perform rather complex calculations and generate
amortization tables and graphs that will give you a clearer understanding of
the buying/renting process. I hope that this activity will give you a tool to
help you make decisions that will better your life.
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Introduction Task Process Resources Evaluation Conclusion
