Next question You can retry this question below Jenelle bought a home for \( \$ 190,000 \), paying \( 16 \% \) as a down payment, and financing the rest at \( 6.6 \% \) interest for 30 years. Round your answers to the nearest cent. How much money did Jenelle pay as a down payment? \( \$ 30,400 \) What was the original amount financed? \( \$ 159,600 \) What is her monthly payment? \( \$ 1,019.40 \) 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. \( \$ 397,384 \)

Let's work through the problem step by step. 1. Down Payment:   • Home price = $190,000   • Down payment rate = 16%   • Down payment = 0.16 × $190,000 = $30,400 2. Original Amount Financed:   • Financed amount = Home price – Down payment   • Financed amount = $190,000 – $30,400 = $159,600 3. Monthly Payment:   The monthly payment of a fixed-rate mortgage is calculated using the formula     M = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ – 1]   where:     P = Principal = $159,600     r = monthly interest rate = 6.6%/12 = 0.066/12 ≈ 0.0055     n = total number of payments = 30 × 12 = 360   Plugging in the numbers:     M = 159600 × [0.0055(1 + 0.0055)^(360)] / [(1 + 0.0055)^(360) – 1]   Evaluating this expression gives approximately M ≈ $1,019.40 per month. 4. Total Amount Spent on the Home:   • Total paid on the loan = Monthly payment × Number of payments = $1,019.40 × 360 ≈ $366,984   • Including the down payment: Total = $366,984 + $30,400 = $397,384 Thus, rounding to the nearest cent, the answers are: • Down payment: $30,400 • Original amount financed: $159,600 • Monthly payment: $1,019.40 • Total amount spent (including down payment): $397,384