38. The price of a house is $260,000. The bank requires a 20% down payment in order to approve a mortgage. The cost of the home is financed with a 30 year fixed rate mortgage at 6% a. What is the required down payment? b. Find the amount of the mortgage. c. What are the monthly payments? How much interest is paid over 30 years? d. VALUE OF AN ANNUITY: INTEREST COMPOUNDED n TIMES PER YEAR If P is the deposit made at the end of each compounding period for an annuity that pays an annual interest rate r (in decimal form) compoundedn times per year, the value, A, of the annuity after t years is nt (2)