You currently live (rent free) in your parents' basement but it's a bit awkward when you bring dates home. Your friends are looking for a new room mate and have asked if you're interested in moving in. Your share of the rent (which includes all utilities) will be $800 per month and you will be signing a two-year lease. You parents think you should save your money so you can buy a house when you graduate in two years. If you stay living in your parents' basement, and deposit the money you saw by not having to pay rent into a savings account at the beginning of each month, your parents have offered to give you a gift equal to the amount you have saved towards a down payment on your first home. Assume the bank is offering a 5% annual interest rate, compounding monthly, on new savings accounts. Your monthly rent payment in this example would be considered ___ If you take your parents up on their offer, how much will have (in total) for a down payment on a home when you graduate? Round to the nearest whole dollar. Suppose you took your parents up on their offer and are now getting ready to graduate|. You have decided that you can afford a house payment of $ 1,000 per month. The bank has offered to give you a 30 year, fixed rate mortgage at an annual interest rate of 4%. What is the maximum you can pay for a house? You decide to rent out a room in your new home to your best friend for $500 per month. If you add the extra money to your monthly house payment, how many years will it take you to pay off your mortgage