25. A professor wants to buy a retirement condo in Arizona that can be purchased for $250,000. (a) She has $70,000 saved as a down payment. Show (or explain) why PMI is not required. The professor qualifies for a 3.00% fixed rate 15-year mortgage for $180,000. The principal and interest payment on this mortgage works out to be $1243 per month (without taxes, etc.) (b) Property tax is 1.5% of the property value per year. How much does this add to the monthly payment, to the nearest dollar? (c) Homeowner's insurance premiums ($900 per year), property tax, and the condo association fee of $150 per month are collected as part of the total monthly payment. What is the professor's total monthly payment