Madeoff's Mortgage. Bernie Madeoff pays 5240,000 fot a new lour-bedroom 2,400-square-foot home outside Tonepah, Novada. He plans to make a 20\% dont payment, but is having trouble dociding whether ho wants a 15 -year fixed rate (6.400%) or a 30 -year fixed rate (6.875%) mertgago a. What is the monthly payment lor both the 15 -and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgange? b. Assume that instead of making a 20% down payment, he makes a 10% down payment, and finances the remainder at 7.125% foced interest for 15 years What is hit mentity payment? c. Assume that tho home's total value falls by 25%. If Bernie telle tho house at the new market value, what would be his gain or loss on the home and morigage, assuening at 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 mortgapes, assuming a fully amortizing loan of equal payments for the life of the morigage? The monthly payment for the 15 year mortgage is 5