Derrick is going to graduate from college in three months with a degree in criminal justice. However, his real passion is real estate and he has found his dream home. Derrick has the option of getting a conventional loan or a balloon mortgage. He "knows" he will be making more money when the balloon payments increase in three years. The monthly payment of the conventional loan is $1,000. The monthly payment for the balloon mortgage is $700 for the first three years, and then it jumps to $1,300 after that. At his current job, Derrick makes enough to cover a $1,000 mortgage payment. 1 Is the conventional loan the better option for Derrick? Why or why not? Should Derrick take advantage of the balloon mortgage? Explain your answer. 3 Are there any better options available to Derrick that he hasn't thought about yet? If so, what are they? 4 What would you advise Derrick to do in this situation? Justify your