The Schulte family has made the decision to purchase a house. They qualify for a $140,000 mortgage. The lender offers them a thirty year mortgage at 6.25% with 5% down and Ipt due at closing. Use of a scientific or graphing calculator is permitted and expected. Answers Down payment Amount Financed Amount due to points Monthly payment Total paid with down payment included Total amount of interest paid Before you look at the interest paid and decide you are never going to buy a house, look at renting for 30 years. Assume you are renting a 3 bedroom 2 bath apartment for $850 a month. Assume the rent never goes up (but in reality it goes up every two to three years). Rent paid over the 30 years 1. Down Payment: 2. Amount due to points: downpayment amount of mortgage points(as a %) * amount of mortgage 3. Regular Monthly Payment: R= Pis amount financed r is your annual percentage rate tis time in years. Keystrokes for entering formula af at once into scientific calculator: P(1/12)/(1 - (12/(12+r)^(12xt)) Then press enter or Steps for working numerator & denominator separately: First: Pr/12) then press enter or = [write this number down) Second: (12/(12+r)^(12 t) then press enter or=[write this number down] Third: 1- (step 2 answer) then press enter or write this number down Fourth: (step 1 answer)/(step 3 answer) then press enter or=