Consider a home buyer planning to purchase a house that is currently worth $400,000. The person will pay $100,000 today as a down payment on the house and borrow from a bank the rest of the purchase price. a) The bank currently offers a 30-year mortgage at the interest rate of 7.2% per year (this is the average mortgage rate as of September 2023). What should be the monthly payment on the mortgage? Hint 1: The interest rate of 7.2% per year is equivalent to 0.6% per month. Hint 2: There will be 360 monthly payments on the 30-year loan. b) The buyer regrets that the buyer did not purchase a few years ago when the interest rate was low. Suppose the mortgage rate is 2.8% per year (this was the average rate as of October 2020) on the 30-year mortgage. Then, what would be the monthly payment on the mortgage? Hint : The interest rate of 2.8% per year is equivalent to 0.233% per month