document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1195630>Question 1195630</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Jenelle bought a home for $470,000, paying 20% as a down payment, and financing the rest at 6.8% interest for 30 years. Round your answers to the nearest cent.<BR>\n" );
document.write( "How much money did Jenelle pay as a down payment? $<BR>\n" );
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document.write( "What was the original amount financed? $<BR>\n" );
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document.write( "What is her monthly payment? $<BR>\n" );
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document.write( "If Jenelle makes these payments every month for thirty years, determine the total amount of money she will spend on this home. Include the down payment in your answer. $<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #828253 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=828253\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> down payment is 20% of $470,000 or $94,000, so P=the difference or $376,000 originally financed<BR>\n" );
document.write( "Monthly payment is P*r/n(1+(r/n))^nt)/(1+(r/n)^nt -1); r=0.068, n=12, nt=360, round at end<BR>\n" );
document.write( "370,000(0.068)*7.646/6.646=$2412.12\r<BR>\n" );
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document.write( "Total cost is: $94,000 down payment<BR>\n" );
document.write( "+2421.12*360=$962,363.20\r<BR>\n" );
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