Behinda Johnson's parents and maternal grandmother have combined their finances and presented Hamy and Delinda with $50,000 cash gift to use to purchase a home. The Johnsons have shopped and found a house in a new housing development that they like very much. They could either borrow from the developer or obtain a loan from one of three other mortoage lenders. The financial altematives and data for the home are summanzed in the table below. Financind Detaits on a Hotwe Avaitable to the Johnsons Prices 5290,000 . Deweloper A will fuance the purchase with a is percent down payment and a 30 -year, 4.5 porcent ACM loan with 2 interest points. The initial myonthly payment for prinopal and interest is $1,240.98.($2.46,500 loan after the down payment is made; 246.555.06685). After one year the rate nises to 5 percent, whin a princpal plum interest. payment of 41,323,27. At that point, the rate car go up or down as much as 2 percent per yeac, dependeng on the cost of an index of mottoage fonds. There it an interestrate cap of 5 percent over the lfe of the loan. Taxes are estimated to be about $5,100, and the homeowner's insurance premiam should be about $1,800 annually. A mortgage insurance premium of 488 per month must be paid monthly or the two 15 percent down option: Home: Price, $290,000; Taxes, $5,100; Insurance, $1.800 yumaum Rvery nive years. a. Which plan has the lowest total up-front costs? a. Which plan has the lowest total up-front costs? The highest? b. What would be the full monthly payment for PIII and PMI for each of the options? Round your answers to the nearest cent. Leave no cells blank. Ente " 0 " wherever required. c. If the Johnsons had enough additional cash to make the 30 percent down payment, would you recommend lender 1 ar lender 27 Why? The inout in the box below will not be graded, but may be reviewed and considered by your instructoc. Whin? The inows in the box beiow wis not be graded, but may be cerwewed and considered by your instructot Behinda Johnson's parents and maternal grandmother have combined their finances and presented Hamy and Delinda with $50,000 cash gift to use to purchase a home. The Johnsons have shopped and found a house in a new housing development that they like very much. They could either borrow from the developer or obtain a loan from one of three other mortoage lenders. The financial altematives and data for the home are summanzed in the table below. Financind Detaits on a Hotwe Avaitable to the Johnsons Prices 5290,000 . Deweloper A will fuance the purchase with a is percent down payment and a 30 -year, 4.5 porcent ACM loan with 2 interest points. The initial myonthly payment for prinopal and interest is $1,240.98.($2.46,500 loan after the down payment is made; 246.555.06685). After one year the rate nises to 5 percent, whin a princpal plum interest. payment of 41,323,27. At that point, the rate car go up or down as much as 2 percent per yeac, dependeng on the cost of an index of mottoage fonds. There it an interestrate cap of 5 percent over the lfe of the loan. Taxes are estimated to be about $5,100, and the homeowner's insurance premiam should be about $1,800 annually. A mortgage insurance premium of 488 per month must be paid monthly or the two 15 percent down option: Home: Price, $290,000; Taxes, $5,100; Insurance, $1.800 yumaum Rvery nive years. a. Which plan has the lowest total up-front costs? a. Which plan has the lowest total up-front costs? The highest? b. What would be the full monthly payment for PIII and PMI for each of the options? Round your answers to the nearest cent. Leave no cells blank. Ente " 0 " wherever required. c. If the Johnsons had enough additional cash to make the 30 percent down payment, would you recommend lender 1 ar lender 27 Why? The inout in the box below will not be graded, but may be reviewed and considered by your instructoc. Whin? The inows in the box beiow wis not be graded, but may be cerwewed and considered by your instructot