You are planning for a new home. You budget for a $250,000 house, but plan to pay 20% in cash as a down payment. You would take out a 30-year mortgage with an APR of 3% compounded monthly.

Part A: How much will be your monthly payments? Clearly label your answer and calculator inputs.

Part B: If you plan to make your purchase in 5 years and your investments can earn 9% APR, compounded monthly, how much do you need to deposit each month, starting next month, to make your down payment? Clearly label your answer and calculator inputs.