Suppose that you want to purchase a home for $371,000, with a 30 year mortgage at 7% interest. Suppose that you can put 30% down. Monthly Cost to Finance $1,000 Number of Years Financed Rate of 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years Interest N = 60 N = 120 N = 180 N = 240 N = 300 N = 360 6.0% 19.33 11.10 8.44 7.16 6.44 6.00 6.5% 19.57 11.35 8.71 7.46 6.75 6.32 7.0% 19.80 11.61 8.99 7.75 7.07 6.65 7.5% 20.04 11.87 9.27 8.06 7.39 6.99 8.0% 20.28 12.13 9.56 8.36 7.72 7.34 8.5% 20.52 12.40 9.85 8.68 8.05 7.69 9.0% 20.76 12.67 10.14 9.00 8.39 8.05 (a) What is the amount of the down payment? (Round your answer to the nearest dollar.) $ (b) What is the amount to be financed? (Round your answer to the nearest dollar.) $ (c) What are the monthly payments? (Round your answer to the nearest cent.) $ (d) What is the total amount of Interest paid on the 30-year loan? (Round your answer to the nearest dollar.) $ (e) What is the necessary monthly income for you to be able to afford this home? (Round your answer to the nearest cent.) $