5. Your parents have just purchased a town house for $200,000 in Catskill, NY. They obtain financing with the following terms: a 20% down payment and the balance to be loaned over 30 years at 9% compounded monthly. a) What is their down payment? (hint: 20% of the price of the house $200,000) b) What is the loan amount? (hint: the balance after the down payment from part a) above) c) How much is their monthly payment on the loan? d) How much total interest do they pay over the life of the loan? a ) 200, 000 (,2) = 40,000 b) $ 200, 900- 40, 060 = 14160,000