Question 4 - Purchasing a House a. Currently the median cost of a house in Colorado is $419,000 and a 30-year fixed rate for a mortgage is 4.6% APR. If you purchased the median house at the current rate, how much are the monthly payments? b. How much will you pay in total? c. How much will you pay in interest? d. If you take out the full loan, you will have to pay a PMI (Personal Mortgage Insurance). To not have to pay the PMI, you can put 20% down on the house. If you put 20% down on a house, what is the principal (i.e. how much will you need to borrow)? e. How much will you pay in total? f. How much will you pay in interest? g. How much interest was saved by putting 20% down on the house