For questions 3–4, you will be answering by filling in the blanks.(1 point)

To determine how much you need to save each month for the down payment on a house costing $150,000, follow these steps:

1. Calculate the down payment amount. \[ \text{Down payment} = \text{Cost of the house} \times \text{Percentage down payment} \] \[ \text{Down payment} = 150,000 \times 0.20 = 30,000 \]

2. Determine how many months you have to save. Since you plan to buy the house in 5 years: \[ \text{Months} = 5 \times 12 = 60 \text{ months} \]

3. Calculate how much you need to save each month. \[ \text{Monthly savings} = \frac{\text{Down payment}}{\text{Number of months}} \] \[ \text{Monthly savings} = \frac{30,000}{60} = 500 \]

Therefore, you need to save $500.00 each month.