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 \( \$ 114,000 \). The bank requires a \( 20 \% \) down pavment a. Find the required down payment. \( \$ \square \)

To find the required down payment, you first need to calculate 20% of the home price. For a home priced at $114,000, the down payment can be calculated as: Down Payment = Home Price × Down Payment Percentage Down Payment = $114,000 × 0.20 = $22,800 So, the required down payment is **$22,800**. Now that you know the down payment amount, you can determine the loan amount. Subtract the down payment from the total home price: Loan Amount = Home Price - Down Payment Loan Amount = $114,000 - $22,800 = $91,200 Now, this is the amount you will use to calculate your PMT!