Jenelle bought a home for $370,000, paying 18% as a down payment, and financing the rest at 4.6% 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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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.