The freemans have decided to build a new house. The contractor quoted them a price of $135,700. The taxes on the house will be $3450 per year , and homeowner's insurance will be $350 per year. They have apploed for a conventional loan from a local bank. The bank os requiring a 25% down payment , and the interesr rate on the loan os 9.5% . Determine the amount of the down payment. Determine the monthly oayment of principal and interest for a 30 -year loan at 9.5%. Determine their total monthly payment, including insurance and taxes. if they started planning to sace 6 years ago to help with the downpayment, how much should they have invested quaterly in a sinking fund with a 3.6 % interest rate compunded quarterly in order to accumulate $20,000