8. A first-time home buyer wants to buy a house priced at $210,000. They have $25,000 saved as a down payment. They plan to borrow the remaining $185,000. (a) What is the LTV ratio? Is PMI required? (b) Property tax is 2% of the value of the property each year. How much does this add to the monthly payment? (c) Financing for 30 years results in a $1109 monthly P \&l payment. Financing for 20 years results in a $1325 monthly P\&I payment. Which option is better? Why