Questions: Use PMT = (P(r/n))/(1-(1+(r/n))^(-nt)) to determine the regular payment amount, rounded to the nearest dollar. The price of a home is 134,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 10%. Complete parts (a) through (e) below. a. Find the required down payment.

Use PMT = (P(r/n))/(1-(1+(r/n))^(-nt)) to determine the regular payment amount, rounded to the nearest dollar. The price of a home is 134,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 10%. Complete parts (a) through (e) below. a. Find the required down payment.
Transcript text: Use PMT $=\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]}$ to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $\$ 134,000$. The bank requires a $20 \%$ down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 10\%. Complete parts (a) through (e) below. a. Find the required down payment. \$ $\square$
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Solution

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Solution Steps

Solution Approach

To find the required down payment, we need to calculate 20% of the price of the home. This can be done by multiplying the price of the home by 0.20.

Step 1: Calculate the Down Payment

To find the required down payment, we calculate \( 20\% \) of the price of the home. The price of the home is given as \( \$134,000 \). Thus, the down payment can be calculated as follows:

\[ \text{Down Payment} = 0.20 \times 134000 = 26800 \]

Final Answer

The required down payment is \( \boxed{26800} \).

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