The next four questions are related to your purchase of your first home for $600,000. You have just purchased the house and have put a 20% down payment, and will borrow the remaining amount. The 30-year fixed rate loan has an Annual Percentage Rate (APR) of 4.50%. You will make monthly payments for the life of the loan. 7. Your effective interest rate is closest to which of the following? A. 4.4009% B. 4.5000% 4.5940% D. 4.6880% x 600,000 600,000 204.-120,000 120,000 280,000 your monthly payah Tir 8. How much is your monthly payment? A. Less than $1,500 1/y B. $1,500 to $2,000 30112 360 4.50 C. $2,000 to $2,500 D. $2,500 to $3,000 E. More than $3.000 PV PMT 480,000 2.432,09 FV .60 432.09