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. \( \$ \square \)

To determine the required down payment for the home priced at \( \$183,000 \), you simply need to calculate \( 20\% \) of the total price. Required down payment = Home Price × Down Payment Percentage Required down payment = \( 183,000 \times 0.20 = 36,600 \) So, the required down payment is \( \$36,600 \). Now, let's move on to the next piece of information. After the down payment, you’ll be financing the remaining balance of the home. This includes calculating the amount that will actually be financed after the down payment is deducted. With the home priced at \( \$183,000 \) and after paying \( \$36,600 \), the financed amount is \( 183,000 - 36,600 = 146,400 \). This is the figure that will be used to calculate your regular mortgage payments moving forward!