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 Calculation of interest expense: 5) You put $8000 today in a bank safe deposit box and leave it there. You earn nothing in your bank account as the money is sitting inside a safe deposit box. Assume inflation rate is 10% a year. How much will your $8,000 be worth at the end of 5 years? N 1/Y PV PMT FV