Madeoff's Mortgage. Bernie Madeoff pays $230,000 for a new four bedroom 2,400-square-foot home outside Tonopah, Nevada, He plans to make a 20% down payment, but is having trouble deciding whether he wants a 15-year fixed rate (6.397%) or a 30 year fixed rate (6.876%) mortgage a. What is the monthly payment for both the 15 and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgago? b. Assume that instead of making a 20% down payment, he makes a 10% down payment, and finances the remainder at 7 124% fixed interest for 15 years. What is his monthly payment? c. Assume that the home's total value talle by 25%. It Bernio sells the house at the new market value, what would be his gain or loss on the home and mortgage assuming all of the mortgage principal remains? Use the same assumptions as in part a a. What is the monthly payment for both the 15- and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgage? The monthly payment for the 15-year mortgage in $(Round to the nearest cent)