3. You were recently hired as a junior investment banking analyst in the New York office of Shanley Partners (congratulations). Rather than rent in Manhattan, you decide to buy in New Jersey. You have settled on the Township of Weehawken, just across the Hudson River. Unfortunately, even a modest home in Wechawken can cost $700,000 or more. Access the St. Louis Federal Reserve FRED database and find data on the 30-year fixed rate mortgage average in the United States (MORTGAGE30US) and answer the following: a) If you borrowed S650,000 from a commercial bank in a 30-year fixed rate mortgage at the most recent average rate reported by FRED, how much would you pay monthly over the term of the loan? b) At the end of 1999, the average home in Weehawken sold for only about $350,000, Suppose you had purchased a home in Weehawken the following spring and had borrowed $325,000 from a commercial bank in a 30-year fixed rate mortgage at the rate reported in the same FRED chart for Friday, May 19, 2000 (closing on your new home to start the weekend!). How much would you pay monthly over the term of that loan? What is the difference in dollar amount between the two monthly payments (comparing scenario (a) to (b))? (Notice the effect of the change in mortgage interest rates.)