Bernie Madeoff pays ?$240 comma 000 for a new? four-bedroom 2,400-square-foot home outside? Tonopah, Nevada. He plans to make a 20?% down? payment, but is having trouble deciding whether he wants a 15?-year fixed rate ?(6.400?%) or a 30?-year fixed rate ?(6.875?%) mortgage.a. What is the monthly payment for both the 15?- and 30?-year ?mortgages, assuming a fully amortizing loan of equal payments for the life of the? mortgage? b. Assume that instead of making a 20?% down? payment, he makes a 10?% down? payment, and finances the remainder at 7.125?% fixed interest for 15 years. What is his monthly? payment?c. Assume that the? home’s total value falls by? 25%. If Bernie sells the house at the new market? value, what would be his gain or loss on the home and? mortgage, assuming all of the mortgage principal? remains? Use the same assumptions as in part a.
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