Michael Neely

General Education -----------------------------------------

Economics: ECON 2020 Principles of Macroeconomics

As I learn more about the market system and how the economy works, I have also learned that it is inevitable that we must analyze the cause and effects of history. I was given the opportunity to so in this course. I had analyzed the Federal Reserve System, and how the monetary policies were set in conjunction with the Federal Government's fiscal policies. From that, I gained a better understanding of how the regulation or lack of regulation impacted the economic system and contributed to the 2008 recession.

For this course, I have chosen two assignments to submit as bookmark in my academic career. The Current Events assignment was an assignment that pushed me stay on top of current events while applyingthe fundamentals and concepts learned in class to better my understanding of the economic system, as well as, understanding the significance of the Federal Reserve System. The Excel assignment is actually part of of the E-Portfolio Assignment. This E-Portfolio projects was one of the final project for this course. Through the assignment, I was able to apply the knowledge I've acquired to solve the problems that were presented to me. 

Reflection:

Economics is the study pertaining to how we allocate our scarce resources into production, consumption, and transfer of wealth. I have found that this macroeconomics course gave me the knowledge and the tools further understand the effects of fiscal policy and monetary policy. The decisions matter made by individuals and small businesses matter, but it isn't much without the policies in place to propel the economy. 

Economics: ECON 2010 Principles of Microeconomics

Economic Theory:

            Intro to microeconomics with Professor Carson has been an intensive class. Professor Carson created the class in a manner that each student had to put forth a lot of effort to pass with a good grade. The product of this is that I learned so much in the coursework. I chose to take Economics as a minor to my Writing and Rhetoric degree in preparation for law school. Economics in my opinion is the sister of law. Economics are the reason for a vast majority of our nation’s laws and policy’s. Whenever a law is passed, there is always a consideration of the economic consequences of the law. This shows the importance of economics in our society.

            The essays focus is on the free market system. One of the first principles of economics is the need and desire for personal gain. Without personal gain, economics wouldn’t exist. No one would work or develop new thoughts and ideas. With that being said, I want economists to further study its importance in their findings and recommendations on future economic policies for our world. Nothing makes enemies allies like the potential of personal gain. The concept of personal gain has built some of the strong allies in the world. A great example would be the allegiance between the United States and Saudi Arabia. The potential for personal gain led two different nations to look past their differences and disagreements.

            Coase theorem eloquently demonstrates this. When two parties are in a disagreement, the mutual desire to benefit gives both parties the incentive to compromise and negotiate past their obstacles. I am a firm believer in many government regulatory bodies. Specifically those in the financial world. I stand behind this contrary principle, because I am curious as to why innovations can be achieved when we focus on the basics of economics. Many innovations are created for moral and ethical convictions, yet outside of them. The potential for personal gain serves as the main motivation for many of our world’s great medical and humanitarian innovations.  

            Without further consider for personal gain, our economy wouldn’t survive. Without personal gain, many people wouldn’t spend a decade in college to receive the education need to conduct the complex research needed for many innovations.

            As the semester comes to an end I write this paper in hopes. That economist will further research the basics of economics. In my personal job as a law clerk for the federal defenders office. I find myself having to back track and search simple legal elements to find answers to complex legal problems. Even in my advanced economics classes at the University of Utah; we find ourselves back tracking to simple economic principles such as personal gain to understand and solve complex economic issues.  I want to see a consideration and explicit consideration behind the concepts of free market and personal gain in our government’s economic policies. If economists were to work with law makers in fostering a public consciousness for the reward of personal gain. I wonder what innovations and outcomes it would have on future economic policies.

Reflection:

           I chose to write on the economic concept of personal gain. I believe personal gain is an integral concept since it can be applied on a macro and micro level of economics. I was drawn to such a simple concept because of its heavy use in Law and Economics. I believe further consideration of personal gain will lead to greater success in future economic policies as well as less need for heavy regulation. If we focus more on fostering a desire for personal gain by adherence to certain economic policies we can have less need for economic enforcement and punishment. 

Physics: PHYS 1010 Elementary Physics

Tesla Group Project

Part 1: The Early Years 

Nikola Tesla, the inventor of the alternating current is the least credited inventor of the nineteenth and twentieth century. He received credit for only a fraction of his contributions to science.  Due to lack of acknowledgement for his hard work it is formidable to pay him respect as one of the modern fathers of science. Nikola Tesla was born on July 10th 1856.  His father Milutin Tesla was an Orthodox priest and his mother, Duka Tesla was an inventor who created many home appliances. He was born fourth in a home of five children; an elder brother named Dane and three sisters, Milka, Angelina and Marica. In 1861, Nikola Tesla attended the "Lower" or "Primary" School in Smiljan but moved with his family to Gospic one year later, upon his father receiving a new appointment as Pastor to a church. Tesla completed "Lower" or "Primary" School, followed by the "Lower Real Gymnasium" or "Normal School".

 In 1870, Tesla moved to Karlovac, Croatia, to attend school at Higher Real Gymnasium, where he was influenced by a math teacher, Martin Sekulić, he finished a four-year term in just three years, and he graduated in 1873. Later that year he returned to his home town of Smiljan. While he was there Tesla was struck with Cholera and was bedridden for nine months. Despite his father wanting him to follow in his steps and join the Priesthood he vowed to send him to the best engineering school if his son recovered from Cholera. In 1874, Tesla ran away to Tomingaj to evade the Austro –Hungarian draft. While there, Tesla explored the surrounding mountains and claimed that his experience with nature made him both physically and mentally stronger. 

In 1875, he enrolled at the Austrian Polytechnic School in Graz on a Military Border Scholarship. Tesla was a model student never missing any lectures, earning perfect grades. In his second year at the school he came in to conflict with Professor Poeschl over the Gramme Dynamo, when he suggested that commutators weren’t needed.  AS school progressed into his third and fourth year he lost his scholarship and became an avid gambler. Near the end of his third year, he stopped attending lectures and dropped out the next year. 

In 1878 Tesla moved to Maribor Slovenia and began working as a draftsman for a local engineering firm. The following year his father visited him and pleaded with him to return home, Tesla declined.  In March of 1879 Tesla was deported from Maribor for failing to gain a residence permit. Tesla was returned to Gospic by police escort. That April, his father passed away at the age of 60 from an unspecified illness. Later that year, Tesla began teaching a large class of students from his old school.

In 1880 with the help of his uncles, Petar and Pavie he was able to move to Prague and escape Gospic. Tesla could not enroll at the Karl-Ferdinand University not only because he arrived too late to enroll but also because he was not proficient in Greek or Czech. Tesla did attend lectures at the University but only as an auditor and never received marks for the courses. In the January of 1881, with the help of his Uncle Pavle he began working for Ferenc Puskas at the Budapest Telephone Exchange in Hungary. When he arrived, he concluded that the new business was not anywhere near operational so he chose to work as a draftsman in the city’s Central Telegraph Office. Within in a few months of the Telephone exchange becoming operational, Tesla was assigned the position of Chief Electrician. During his time there he made countless improvements to the equipment and developed an amplifier device.

In 1882 Tesla suffered a mental breakdown from his obsession with solving the riddle of Alternating Current.  Though not expected to live, Tesla began to recover and during a walk in the Varosliget city park with his friend Anthony Szigety, he had a sudden vision that lead to the solution to his pending dilemma. In his recollection of the event, he looked at the setting sun and began to recite a passage from Goethe's Faust. At that very moment the idea came to him in a flash and with a stick he drew a diagram of the motor in the sand. In April along with hisfriend Anthony Szigety, Tesla accepted positions with the Continental Edison Company in Paris. Tesla worked for Charles Batchelor at the Ivry-sur-Seine lamp factory and installed lighting systems in the Paris Opera House and a theater in Bavaria. While there Tesla submitted a plan for improving the Edison dynamos to Mr. Rau, an administrator for the company. The plan was approved and soon Tesla’s Automatic regulator was gratefully accepted.  Tesla was dispatched to Strasbourg before payment was ever awarded.

While in Strasbourg, Tesla was assigned to repair a new D.C lighting system at the German Railway company which was damaged during a trial run. Despite the Government approving the repairs, Tesla never received the compensation he was promised for the repairs. In June, Tesla demonstrated his newly completed A.C induction motor before Mr. Bauzin, the former mayor of Strasbourg. Though they were interested in the motor, they failed to understand the true value of the invention.

In 1884 Tesla with the assistance of his uncles Petar and Pajo he arrived to New York with his ticket, money and a partial of his luggage stolen. He had no more than 4 cents in his pocket.

Works Cited 

1. http://www.teslauniverse.com/nikola-tesla-timeline-1862-tesla-moves-to-gospic?PHPSESSID=d8a17620da39f6afef668211fc7452e0;#goto-1884
2. http://en.wikipedia.org/wiki/Goethe%27s_Faust
3. http://nikolateslatheelectricitywizar.weebly.com/nikola-tesla-childhood.html
4. http://en.wikipedia.org/wiki/Nikola_Tesla
5. http://www.pbs.org/tesla/ll/ll_early.html
6. http://www.biography.com/people/nikola-tesla-9504443#synopsis

Biology: BIOL 1100 Human Biology

Is Genetic Enhancement an Acceptable Use of Technology?

To summarize the issue, let us take a look at the view of those who believe it is acceptable. Many look to human genetic enhancement as the next step of our evolution. If we had the opportunity to make ourselves better, why wouldn’t we? What if even better, we had the opportunity to help our children excel in everything we could not have in life? This is the approach many advocates are taking in support for genetic enhancement. Whether it be helping a child who would face social repercussions, due to him being too short or helping our aging parents regain memory or motor skills.  Many would deem these arguments as a reason to prove that it would be a moral issue if we did not help those who were afflicted with such modalities.

Those who are against the issue believe that the moral issue lies in who would be enhanced and for what reasons. We already live in a society where the access to life saving healthcare dwindles as income lessons. People who are against genetic enhancement see it as only increasing the divide between the people who have and who have not. The advantages and enhancements that are accessible to those who can afford would only increase disadvantage of the poor. Another potential downfall is the sterilization of our humanity. Our short comings and limitations make us human and the lack and drastic change of such things may cause society or a specific subsection of society to lose their quintessential humanity.

I am for genetic enhancement. I am a social conservative. I believe in the need for limits and rules for society as a whole. I support progressive policies for individuals such as the right not to marry or marry. Yet, I believe that the family unit is paradigm to society. I have personally experienced the disadvantage of coming from a home that was torn by divorce. I was raised by a single mother and definitely felt the short comings of growing up in an unconventional family. My point in mentioning such background is to establish my views and experience that serve as foundation for my conservative views.

Yet, I support genetic enhancement. What is a vaccine? A vaccine enhances are body to become immune or atleast resistant to specific types of diseases that a century ago were common causes of death. Such enhancement did not degrade society, if anything it progressed society as a whole. The argument of furthering the divide between the people who have and don’t have is not only applicable to genetic enhancement it is how capitalism functions as a whole. In the beginning there will be a divide between the two, yet as time progresses and the technology becomes more affordable and widespread it will spread through all of society.

In my opinion the societal implications if my position was followed completely. Would first of all be a reduction in diseases thanks to enhancements which would further our health. Next I believe enhancements would have a heavier use in expanding the minds capacity and capability over athletic desires. I see human intelligence increasing. The schools of philosophy, religion and science would reach new heights. We as a society would undergo a new age of enlightenment.

In conclusion, those who are for genetic enhancement believe it would progress society and that not using such advances would be the moral issue. Those in opposition believe it would rob us of our essential humanity. I personally am in support of genetic enhancements believing it would progress our society in more ways than just physically.

Reflection: 

I am a Law major. I plan on earning a JD and practicing law. I have come to the conclusion that my mind's strength is not in the science's. Yet I have tremendous respect for science. My best friend is a Physicist and I am amazed how she understand such complexities. Coming into biology I had the desire to engage in science in a way I did not do in high school. I truly enjoyed these papers where we did only memorize scientific principles but dwelled in to subjects that tied in scientific finds with moral implications. I truly enjoyed the semester and only wish we had more time to go into the material Thank you for a great experience.

Computer Literacy: CIS 1020 Computer Essentials

This course was able to help utilize the tools that I had available to me. It helped me learned the different functions in the Microsoft Office Suite, that I have already began to use in my day to day tasks at work. Below are assignments that challenged me to become a better learner. 

Humanities: RELS 2300 World Religions -  Is Hinduism a religion? & Reflection 

                At the beginning of the semester, we were asked to define what religion means to us. I defined it in my first paper about religion as; a system that is designed to govern a society and to answer our most intimate of questions. For that very reason I believe Dharma is translated most closely to the West’s definition of religion.

In our class paper on what is Dharma, I defined it as “Dharma is the religious ethical code that Hindu’s are to live by in practicing these ethics.  I consider these laws to be parallel to the religious ethics of Judaism. Dharma is the foundation of Hindu religious life. Dharma is rooted from the scriptures. These ethics are by professed by Hindu gurus. These ethics are considered to be key to reaching closer to God. Such as in Christian doctrine, to follow these commandments takes our minds and focus off of the world and refocuses them solely towards God.”

The beginning serves as an introduction to my views on Dharma as religion. I believe a religion is what Webster’s dictionary defines as; “an organized system of beliefs, ceremonies, and rules used to worship a god or a group of gods.” Dharma is central to a Hindu’s life. Their life is organized according to the rules of dharma. In Dharma there are laws or principles about the prohibition of violence, theft, sexual misconduct, lies. As well as laws and principles promoting charity and piety.

I am not Hindu many scholars have attempted to understand and define Dharma. Many scholars have failed because is almost esoteric to the West. In this paper I am attempting to establish my views on what Dharma is. Yet I fall flat compared to the scholars who have come short of understanding India’s rich heritage. The closest I can pin Hinduism to is religion. I see it as a religious law that is grounded in scripture and is divinely inspired. When visiting the Vietnamese Buddhist temple, I met with a Monk who tried explaining Buddha to me. He taught me about the divine teachings of Buddha. Talked to me about praying for the spirits of the dead’s intervention. Yet, when I tried to draw the line between western religion and Buddhism. He immediately stopped me and stated they’re not the same.

Through all of my studying of the semester, I hit the pivotal point where I take what I believe to be the definition of religion and match it to the characteristics of other faiths. I look for A deity, someone or thing that is placed in a position of high praise and to whom the followers life is devoted too. I look for a statement of divinely inspired statements or laws. To which are central to the follower’s lifestyle. I look for a series of rituals which are central to the practice of this life style. I see this criteria met by the follower of what we call Hinduism. For that reason I conclude it is a religion.

I have explained what I believe to be the definition of religion. I have cited Webster’s dictionary. I have also cited my previous two papers. I investigated the idea of Dharma being contrary to religion when I went to the Buddhist temple. I have come to the tentative conclusion that Hinduism is a religion for the following reasons we discussed. 1. There is a Deity(s) 2. Religious Law 3. Systematic rituals of worship.

Reflection: This assignment confirmed my ideas of what a religion is. I believe a religion is a loose definition of a system that comprises of three fundamental ingredients. 1. Deity or person of high praise 2. Laws and Tenants 3. Rituals of Worship. What this class has taught me are the limitations of my understanding of other faiths. I cannot truly begin to understand the context of another society’s faith merely from a quick read.

We have to dig in and truly discover what another faith is about. That is how I found myself sitting down and having a one on one talk with a Buddhist Monk. We walked around the temple as he showed me the shrines and what they meant. I kept drawing inferences between my religious beliefs and those of his. He stopped me in my tracks, I could not make an inference. These faiths are the products of different societies and different history.

This class has taught me to understand my novel understanding of faith as I progress in my own personal faith as a Catholic. I was taught in school a quote by St. Augustine of Hippo “If you understand him, it would not be God.” This quote has truly resonated with me this semester. Excepting the fact that I do not understand the Divine. Has helped to open up to what other faiths have to teach me in this class. I truly loved this class. 

Interdisciplinary and Human Relations: COMM 2110 Interpersonal Communication

Self-Reflection: I found this class to be very beneficial in terms of becoming aware and understanding the inter-workings of relationships, whether the relationship may be in the form of an acquaintance, family, or friend. There are lots of meta communication being used all of the time and I learned to identify those non-verbal cues as well as stop myself from using back-channel cues. It will be very helpful to further strengthen workplace relationships by being respectful and other oriented. With the relationships, especially in the workplace, there are times that there is competition amongst the team to perform well, but it's about reminding myself that we are all working on the same side. Therefore, we are to work with one another and not allow myself to get into ego-conflicts and being setback by the damages. In addition to applying the concepts to the workplace, it is also implementing them in my personal relationships. This course has really helped me realize how important it is to become other-oriented. 

Favorite Assignment: One of my favorite assignments in this course is the Chapter 2 Discussion. (https://slcc.instructure.com/groups/63169/discussion_topics/983937) At first I did not understand why the instructor had held off the chapter 2 lesson until later on in the semester, but I really appreciated it. It is a little difficult to explain, but at this point in the class, we have already learned quite a few different concepts and chapter 2 served as a refresher of the basics. This helped me form a different perspective on those basics. I understood the concept of the face and the social self a lot more. The face, of course, is also known as our reputation, and social self is understanding the different relationships we have. With those relationships, it further understanding the different boundaries and comfort levels that exist in those relationships. Conversations are only relevant if we make them relevant, and positive perceptions exist only we formulate them and nurture them. 

Social Science: POLS 2300 Political Ideologies

I started my academic career at SLCC last year with the mindset of becoming a psychiatrist.

That was until I entered my political science class given by professor Gordon Jones. I ve always had an interest in politics, I have memories of being eight and staying up to watch the Bush vs. Gore debates with my mother. Little did I know a romance would start between myself and politics. I found myself obsessed like it was my first love. I was taken by all the work and history that surrounded politics. I came to the conclusion the next term that I would switch my field of studies to paralegal. The closest I could get to law and politics here at SLCC. Entering this class I didn't do it for any elective requirement or degree requirement. I did it for the sheer fact that I am taken back by political science how it encompasses every part of our lives.

From a psychological perspective it is the product of out total mind output as a society. What values, what virtues we hold to our hearts. What truths we hold as undeniable become the major influences of our laws and political ideologies have you ever wanted to dig into the psyche of Adolf Hitler or find out what personal influences that moved Thomas Jefferson to be such an influence in establishing the unified states of America. It is something worthy of studying but I think just studying the personal convictions of just one of these political leaders, would be a lifetimes worth of work in itself.

Looking at our laws and politics reflect our society's personal conviction. Our collective morals and beliefs. Such as the near universal conviction of caring for one another. Regardless of your faith or creed. We have drawn closer together to create a society in which we strive to help others while our personal conviction of the individual never let's ourself stray to far from the goal of elevating ones position in life.  Taking the class I was able to get a new perspective on political ideology. I was able to take a class solely on the ideologies of politics, no longer was it just a general lecture on the entire subject. This term we were able to dig deep and dissect of who, what and why political ideologies exist. Our professor took us in for a non biased look at both sides of the isle. We regardless of our political affiliation were able to see not only what People stood for but why they did. I truly gained a near priceless insight into politics for that very reason.

The sad thing is the term is coming to an end and I only wish I could have more time to dig into political ideologies. Political science encompasses so much, I could easily spend a lifetime as a student of it and only have a chance to examine just a fraction of the knowledge it contains. For this very reason I can happily this is far from my last political science class, regardless of it being a requirement or not. I look forward to the day when  I have my Juris Doctorate and I ll be able to lo to the political science classes at SLCC that led me to a passion I will find fulfillment in for the rest of my life. 

Film 1070 

Course Work Selection 

Film Mid-Term Essay
A report on the portrayal of Race and Gender in "The Hateful Eight"

This paper will serve as a medium to unpack the subject surrounding how Quentin Tarantino's movie "The Hateful Eight" works to portray race and gender in a tale about the Wild West. The paper will specifically look at the portrayal of The character of Major Marquis Warren played by Samuel L. Jackson, and the character of Daisy Domergue played by Jennifer Jason Leigh. The paper will be split into three sections. The first section will serve as an area to give background on the movie. The second will look deeper into the dynamic of race through the character of Major Marquis. The third section will look into how gender is handled through the portrayal of Daisy's character.

Background story

The fearful eight meets us in a post civil war era set in rural Wyoming. The story unfolds with a Stage coach transporting the notorious criminal Daisy Domergue and her captor, bounty hunter John "the hangman" Ruth. John has acquired his nickname due to his reputation of ensuring that his fugitive captives are delivered alive, so they can be hung. As John and Daisy are being transported by stagecoach, a blizzard begins to kick up. As the blizzard begins to roar we see Major Marquis's character on the side of road looking for any assistance. After surrendering his weapons and presenting his personal handwritten letter from President Lincoln he was allowed onboard.

As the three journey in the stagecoach they pass a standee person on the side of the road. This time it happens to be former a confederate soldier and town sheriff Chris Maddox. Sheriff Maddox is alarmed that the stage coach is transporting a black person, but accepts it on the basis that a blizzard is coming and he needs assistance. As the three continue their journey, the weather becomes so tumultuous that they and their driver are forced to stop at Minnie's to rest for the night. At the rest stop they encounter many characters who have chosen to stay at the inn that night. Through the story we will see how the racial and gender subjects are engaged with as people begin showing up dead through the cold stormy night.

Race and Major Marquis Warren

In the film there is a heavy dose of racial prejudice against and from Major Warren. Daisy proudly referred to him as a nigger many times throughout the film. This sends the message even as a lowly captured bandit she still feel superior to a person of black skin. On Major Warren's end he is proud of fighting for the union being a well known confederate killer. Both of these racial tensions juxtapose the two sided issue that race plays in post civil war America. The racial tensions accurately portray what was happening in a post civil war America. Many would hope that the end of the civil war would bring peace, this is contrary to the truth. Dr. Eduardo Bonilla-Silva states quite the opposite. He states that in a post civil war America " In terms of social control, blacks in the south were regulated by the actions of whites, violent racist organizations... mob violence in the form of lynchings."

The same kind of tension and disdain for black people is accurately portrayed in this film. It isn't until the presentation of a letter from President Lincoln to Major Warren that white people become slightly more accepting of him. Major Warren even states in the film " the letter disarms white folks." This remark perfectly ties with the remark that a white mans actions regulated blacks. It was by our president who happens to be white writing the major that eased the reception of white people toward Major Warren.

Daisy Domergue and Gender

The character of Daisy is in short disgusting. She is unkept, violent, and has the mouth of sailor. This is a very unique portrayal of an nineteenth century female bandit. Since many haven't been done in cinema. Daisy is a member of a notorious gang, the entire film is centered on her her gangs attempt of rescuing her. Different than the typical damsel in distress narrative, Daisy is being reduced as an equal member of the gang, not by lovers but by family. Daisy shares more in common with Major Warrens character they both shine out as unique exception to nineteenth century American culture. The major a decorated war hero who is not discouraged by the color of his skin but rather embraces his difference. Daisy not the typical domestic woman but instead a notorious criminal who belongs to a gang of men not as their subordinate but as an equal.

Attempting to tie these two complex characters, we look to a book by Shirley Samuels in which I believe she more eloquently puts it. " The metaphoric linking of women and slaves proves ubiquitous: marriage and property laws, the conventional adoption of a husband's name..."(Shirley,95) This metaphoric linking I think serves as the perfect climax of the film which juxtaposes two types of characters that are historically oppressed. Not only does the film serve as a moment in which we can celebrate the progressive portrayal of such characters but also respect that it does so in a tone that does not short sell the racial and gender norms of the era.

In conclusion I have chosen the hateful eight because it takes a unique look into an era that is riddled with what we consider to be antiquated societal norms. The film works to balance a desire to respectful portray the norms of the era as well as work to push and shed light on untold narratives of two unique characters. The paper has briefly unpacked the situation around the story of Daisy Domergue and Major Marquis Warren. The paper has shed light on key points of racial and gender norms of the era and how each characters works to push the envelope on those narratives. This film stands out in a time when "
In the five decades since Harlem-based Rep. Adam Clayton Powell held congressional hearings on discrimination in Hollywood, a persistent racial gap exists between what’s viewed on screen and reality. Minorities make up more than 36 percent of the U.S. population but represented only 10 percent of lead characters in movies and sat in 12 percent of director’s chairs in 2011, the last year for which data is available." (Kang)

Sources :
Bonilla-Silva, Eduardo. White Supremacy and Racism in the Post-civil Rights Era. Boulder, CO: L. Rienner, 2001. Print
Samuels, Shirley. The Culture of Sentiment: Race, Gender, and Sentimentality in Nineteenth-century America. New York: Oxford UP, 1992. Print.
Cecilia Kang Krissah Thompson Drew Harwell. "Hollywood's Race Problem: An Insular Industry Struggles to Change." The Washington Post. N.p., 23 Dec. 2014. Web. 25 Nov. 2016.

Math 1030

Michael Neely

Math 1030

E-Portfolio Reflection

    I have chosen to display my finance project. I chose this project due to its universal accessibility. In this project

we were asked to take a real home for sale and break down the financial components relating to the purchase

of this house. I chose a condo in DC because I plan to live there and practice Law. I chose a modest home and

broke down the payment schedule. I appreciated this project because it gave me perspective on to the

affordability of a home as well as a more robust understanding of the mortgage process which I believe will help

me in the future gain a better deal when I purchase a home. 

    I consider a majority of the coursework applicable to real life. This is essential in being able to gain a deeper

appreciation and understanding for our coursework. Many times we find our coursework out of the realm of

real world application which hinders its accessibility. Our coursework was quite the opposite, our professor went

out of his way to formulate each discussion and unit around real world concepts such as the finance project.

    The finance project was a great example to tie in real world use with course concepts. Especially since            

purchasing a home is not only a milestone for each one of us. It is found deeply rooted in our American identity.

Home and land ownership is something that we hold as a God given right in this country. Furthermore by giving

us an opportunity to gain a deeper understanding of home economics, it will be a service to our economy. A

huge part of the 2008 foreclosure epidemic was not only caused by banks but by many consumers who simply

didn’t understand the economic principles of purchasing a home. In other words they bit off more than they

could chew. This project will help insure students such as myself never end up in such a precarious situation. 

Listed below is an example of my finance project. 

                   Math 1030    Project 1                                                                     

Name Michael Neely

                              Buying a House

Select a house from a real estate booklet, newspaper, or website.  Find something reasonable – between $100,000 and $350,000.  In reality, a trained financial professional can help you determine what is reasonable for your financial situation. Take a screen shot of the listing for your chosen house and attach it to this project.  Assume that you will pay the asking price for your house.

The listed selling price is $309,430.

Assume that you will make a down payment of 20%.

The down payment is $61,886.                 The amount of the mortgage is $247,544.

Ask at least two lending institutions for the interest rate for both a 15-year and a 30-year fixed rate mortgage with no “points” or other variations on the interest rate for the loan. 

Name of first lending institution: Chase.

Rate for 15-year mortgage: 3.000%.         Rate for 30-year mortgage 3.625%.

Name of second lending institution: USAA

Rate for 15-year mortgage: 2.750%          Rate for 30-year mortgage 3.625%

Assuming that the rates are the only difference between the different lending institutions, find the monthly payment at the better interest rate for each type of mortgage.

15-year monthly payment: $1,709.49       30-year monthly payment $1,128.93

These payments cover only the interest and the principal on the loan.  They do not cover the insurance or taxes.

To organize the information for the amortization of the loan, construct a schedule that keeps track of: (1) the payment number and/or (2) the month and year (3) the amount of the payment, (4) the amount of interest paid, (5) the amount of principal paid, and (6) the remaining balance.  There are many programs online available for this including Brett Whissle’s website: http://bretwhissel.net/cgi-bin/amortize.  A Microsoft Excel worksheet that does is also available online at  http://office.microsoft.com/en-us/templates/loan-amortization-schedule-TC001019777.aspx?CategoryID=CT062100751033. 

It’s not necessary to show all of the payments in the tables below.  Only fill in the payments in the following schedules. Answer the questions after each table.

15-year mortgage

Payment Number

Payment Date

Payment Amount ($)

Interest

Paid ($)

Principal

Paid ($)

Remaining Balance ($)

1. .

Year 1, month 1

1709.49

618.86

1090.62

246453.37

1. .

Year 1, month 2

1709.49

616.13

1093.36

245360.01

1. .

Year 5, month 2

1709.49

476.92

1232.57

189534.82

1. .

Year 8, month 6

1709.49

347.26

1362.03

137621.09

1. .

Year 10, month 12

1709.49

241.51

1467.98

95137.81

1. .

Year 12, month 6

1709.49

127.33

1582.16

49350.04

1. .

Year 15, month 12

1710.24

4.26

1705.98

$0.00.   .

  total

- - - - - - -

307708.20

60.164.20

247544

- - - - - - - - -

Use the proper word or phrase to fill in the blanks.

The total principal paid is the same as the  principle borrowed.

The total amount paid is the number of payments times  payment amount.

The total interest paid is the total amount paid minus  principal paid.

Use the proper number to fill in the blanks and cross out the improper word in the parentheses.

Payment number 1 is the first one in which the principal paid is greater than the interest paid.

The total amount of interest is  $187,379.80  (more or less) than the mortgage.

The total amount of interest is  __75.696__%  (more or less) than the mortgage.

The total amount of interest is  _____25.304_%  of the mortgage.

30-year mortgage

Payment Number

Payment Date

Payment Amount ($)

Interest

Paid ($)

Principal

Paid ($)

Remaining Balance ($)

1. .

Year 1, month 1

1128.93

747.79

381.14

247162.86

1. .

Year 1, month 2

1128.93

747.64

382.29

246780.57

1. .

Year 5, month 12

1128.93

673.55

455.38

222513.34

1. .

Year 10, month 12

1128.93

583.21

545.72

192516.87

1. .

Year 20, month 12

1128.93

345.20

783.73

113490.67

1. .

Year 25, month 12

1128.93

189.72

939.21

61865.51

1. .

Year 30, month 12

1127.49

3.40

1124.09

$0.00.   .

  total

- - - - - - -

406414.80

158870.80

247544

- - - - - - - - -

Payment number  132  is the first one in which the principal paid is greater than the interest paid.

The total amount of interest is  $88673.20  (more or less) than the mortgage.

The total amount of interest is  35.8%  (more or less) than the mortgage.

The total amount of interest is  64.179%  of the mortgage.

Suppose you paid an additional $100 a month towards the principal:

The total amount of interest paid with the $100 monthly extra payment would be  $129,724.49

The total amount of interest paid with the $100 monthly extra payment would be  $29,146.31 (more or less) than the interest paid for the scheduled payments only.

The total amount of interest paid with the $100 monthly extra payment would be  18.346% (more or less) than the interest paid for the scheduled payments only.

The $100 monthly extra payment would pay off the mortgage in  26  years and  11  months; that’s  50  months sooner than paying only the scheduled payments.