4) You have $60,000 to put as a down payment on a new house that costs $600,000, and you have been quoted the following terms: 5% Annual Percentage Rate (APR), for 30 years. If you decide to purchase this home, what will your monthly payment be? Additionally, over the life of the loan what would your total interest expense be? N 1/Y PV PMT? FV 30 5% ($60,000) $600,000