Let's solve this step-by-step.

1. Down Payment Calculation:

Jenelle paid 16% as a down payment. We can calculate that using the formula: $\text{Down Payment} = \text{Price of the Home} \times \text{Down Payment Percentage}$ $\text{Down Payment} = 360,000 \times 0.16 = 57,600$

So, Jenelle paid $57,600 as a down payment.

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2. Original Amount Financed:

The amount financed is the cost of the home minus the down payment: $\text{Amount Financed} = 360,000 - 57,600 = 302,400$

So, the original amount financed is $302,400.

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3. Monthly Payment Calculation:

To calculate Jenelle's monthly mortgage payment, we use the formula for a fixed-rate mortgage payment (using the amortization formula): $M = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1}$ Where:

• $M$ is the monthly payment,
• $P$ is the principal (amount financed = $302,400),
• $r$ is the monthly interest rate (annual interest rate ÷ 12 months = 0.07 ÷ 12 = 0.0058333),
• $n$ is the total number of payments (30 years × 12 months = 360 months).

Substituting the values: $M = \frac{302,400 \times 0.0058333 \times (1 + 0.0058333)^{360}}{(1 + 0.0058333)^{360} - 1}$

Calculating this step-by-step:

$M \approx \frac{302,400 \times 0.0058333 \times 9.4097}{9.4097 - 1}$ $M \approx \frac{302,400 \times 0.0548778}{8.4097}$ $M \approx \frac{16,598.24}{8.4097} \approx 1,973.17$

So, Jenelle's monthly payment is approximately $1,973.17.

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4. Total Amount Spent on the Home:

The total amount Jenelle will spend over 30 years is the sum of her monthly payments over 360 months plus the down payment: $\text{Total Amount Spent} = (\text{Monthly Payment} \times 360) + \text{Down Payment}$ $\text{Total Amount Spent} = (1,973.17 \times 360) + 57,600$ $\text{Total Amount Spent} = 710,341.20 + 57,600 = 767,941.20$

So, Jenelle will spend a total of $767,941.20 on her home over 30 years, including the down payment.

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Summary of Results:

1. Down Payment: $57,600
2. Amount Financed: $302,400
3. Monthly Payment: $1,973.17
4. Total Amount Spent: $767,941.20

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Would you like more details or have any questions?

Here are five related questions to consider:

1. How much interest will Jenelle pay over the life of the loan?
2. What if the interest rate was 6% instead of 7%? How would that affect her monthly payment?
3. How much would she save if she made an extra monthly payment of $500?
4. What is the total amount of interest paid if Jenelle refinances her loan after 10 years?
5. What is the impact of a 20% down payment instead of 16%?

Tip: Making extra payments towards your mortgage principal can reduce the total interest paid over the life of the loan.