4.2 Assignment: Buying a Home 003 This assignment is an extension of the class activity. You are buying the same home as in the last section of the activity. Calculation Lenders offer lower rates for higher down payments. If you were able to put 20% down, this would lower the interest rate on your 30-year loan to 5.13% APR. 1. What would your monthly payment be? 4150,000-45,000-405) 1230-11-260 12 0.04% 2. How much would it save you in interest over the life of the loan? (see #7) Reflection 3. Has completing this activity caused you to think differently about installment loans? If so, in what ways? If not, why not? 4. How will you use the information from this activity as you make future decisions?