Question 1195635: Jenelle bought a home for $220,000, paying 24% as a down payment, and financing the rest at 5.2% interest for 30 years. Round your answers to the nearest cent.
How much money did Jenelle pay as a down payment? $
What was the original amount financed? $
What is her monthly payment? $
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. $
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! 24% of 220,000 = 52,800.
that's the down payment.
the amount financed = 220,000 - 52,800 = 167,200.
the number of months is 30 * 12 = 360.
the interest rate per month is 5.2/12 = .433333333...% per month.
the amount of money to be paid at the end of each month = 918.11.
this is rounded to the nearest penny.
answers to your questions are:
How much money did Jenelle pay as a down payment? $
.24 * 220,000 = 52,800.
What was the original amount financed?
220,000 minus 52,800 = 167,200.
What is her monthly payment?
payment at the end of each month = 918.11, rounded to the nearest penny.
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.
she would pay 52,800 for the down payment plus 918.11 * 360 = 330,519.6 for the loan for a total of 383,319.6.
here are the results from the online calculator that i used at https://arachnoid.com/finance/
inputs are everything except pmt.
output is pmt.
let me know if you have any questions.
theo
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