Bankrate.com

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 * Bankrate.com **


 * Sponsoring Organization: Bankrate **
 * Date of Last Update: 2009**


 * Authority: Bankrate, Inc.**


 * Content: This website allows you to calculate a monthly mortgage payment based on the loan amount, interest rate, and the loan term. It also allows you to analyze the impact of making extra payments. There are also links about many other types of loans on this website.**


 * Currency: This website is updated every day. **


 * Purpose: To be able to calculate monthly loan payments and see the impact of changing the terms of the loan.**


 * Organization: The information on this page is clear and easy to follow. There are boxes to type information about the loan and buttons that will calculate the loan payments and amortization tables. After you calculate your loan payment you can easily change the terms of the loan and calculate the montly payment for the new loan.**


 * Strengths: This website offers a great deal of information about mortgage loans and allows students to see how the terms of the loan effect the monthly payment. It also gives current average interest rates so that students can approximate the interest rate for their loans. Another benefit is that you can see the full amortization table for the life of the loan.**


 * Weaknesses: This website doesn't offer a visual graph of the ammortization table.**


 * Instructional Uses: I would use this website when discussing compounding interest as well as exponential growth and decay. In class I would have the students experiment with different loan amounts and interest rates to get a feel for how the loan amount and interest rate will effect the montly payment. I would also have the students make a graph of the monthly interest and monthly principal payment to show themt that they will make exponential growth and decay curves. This allows the students to see how mathematics can apply to everyday life.**


 * Benefits to Students: This provides students with a quick and easy tool to see how the terms of a mortgage loan effect the loan payment.**