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 \( \$ 183,000 \). 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. \( \$ 36,600 \) b. Find the amount of the mortgage. \( \$ \square \)

To find the amount of the mortgage, you first need to subtract the down payment from the total price of the home. Since you've already figured out that the down payment is \$36,600, you can calculate the mortgage amount by taking the home price of \$183,000 and deducting the down payment. Mortgage Amount = Home Price - Down Payment = \( 183,000 - 36,600 = 146,400 \). c. Now, that means you are financing \( \$ 146,400 \) with a 30-year term at a 10% interest rate. Remember, the interest is compounded monthly, so you also want to make sure you divide the annual rate (10%) by 12 (the number of months in a year) to get the monthly rate. With that info, you can proceed to compute the payment using the PMT formula. Now you’re ready to plug those values into the PMT formula and discover what your monthly payments would look like! Happy calculating!