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Jenelle bought a home for $320,000, paying 24% as a down payment, and financing the rest at 5% 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. $

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francocanacari

She paid $ 76,800 as down payment, the original amount financed was $ 243,200, her monthly payment was $ 2,919.71, and the total amount she will spend on this home is $ 1,127,896.38.

Given that Jenelle bought a home for $ 320,000, paying 24% as a down payment, and financing the rest at 5% interest for 30 years, to determine how much money did Jenelle pay as a down payment, what was the original amount financed, what is her monthly payment, and the total amount of money she will spend on this home, the following calculations must be made:

  • 320,000 x 0.24 = Down payment
  • 76,800 = Down payment
  • 243,200 x 1.05 ^ 30 = X
  • 243,200 x 4.32 = X
  • 1,051,096.38 = X
  • 1,051,096.38 / (30 x 12) = X
  • 2,919.71 = X
  • 1,051,096.38 + 76,800 = 1,127,896.38

Therefore, she paid $ 76,800 as down payment, the original amount financed was $ 243,200, her monthly payment was $ 2,919.71, and the total amount she will spend on this home is $ 1,127,896.38.

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