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Patrick has some questions about buying a car and a house. Fill numbers in all of the following blanks. Round to the second digit after the decimal and do not put dollar sign. percent sign, or thousand separators in the blanks. He wants to buy a car now and has $1,600 for a down payment on a vehicle. He can afford monthly payments of $500 for this new car. He wants to finance a vehicle over no more than 4 years. Lenders are currently offering a 5.5% interest on 5-year loans to him. (1) The maximum price he can pay for a vehicle is $ He also wants to buy a house now. He wants to calculate the difference in monthly payments on a $180,000 home as a result of a $5,000 down payment or a $10,000 down payment. Use your financial calculator to figure the monthly payments, assuming they get a 3.3%, 30-year mortgage. (2) His monthly payments for the $5,000 down payment plan: $ (3) His monthly payments for the $10,000 down payment plan: $ He decides to purchase this house and is calculating how much money he will need when the closing day rolls around. The purchase price is the home value stated above. He will choose to pay a $10,000 down payment, and he must pay 2 points on the loan. Closing costs should be 4% of the purchase price. (4) What is the total dollar amount he will need at closing? After buying the home, his monthly mortgage payment is exactly the answer you filled in Question (3) after rounding. Of this amount, insurance is $20, property taxes are $280, interest is about $420, and the other payments are for principal payments and other fees. Assume that he has other itemized deductions that already exceed his standard deduction and that he is in the 28% marginal tax bracket. (5) What is the annual reduction in his tax liability as a result of owning a home with this mortgage? $