please answer all three parts A-C

Shannon kammerer Homework: Chapter 8 Homework Save Score: 0 of 2 pts 2 of 4 (4 complete) Problem 8-3 (algorithmic) HW Score: 26,56%, 2.66 of 10 pts Question Help Madeoff's Mortgage. Bernie Madeoff pays $220,000 for a new four-bedroom 2,400-square-foot home outside Tonopah, Nevada Ho plans to make a 20% down payment talis having trouble deciding whether he wants a 15-year fixed rate (6 395%) or a 30 year fixed rate (6877%) mortgage a. What is the monthly payment for both the 15 and 30-year mortgages, assuming a fully amortioing toan t equal payments for the life of the mortgage? b. Assume that instead of making a 20% down payment, he makes a 10% down payment, and finances the remainder at 7 127% foed uiterest for 15 years. What is his monthly payment? Accuma that the home's total vals alle hv 258. It Rain calls the house at the new market valin what with his cance on the home and model a. What is the monthly payment for both the 15 and 30-year mortgages assuming a fully amortizing loan of equal payments for the Me of the mortgage? The monthly payment for the 15-year mortgage is $(Round to the nearest cont) Enter your answer in the answer box and then click Check Answer Clear All Ches parts remaining Next Previous 1 o i ly Die pil & * back 00 5 7 6 9 . X Problem 8-3 (algorithmic) Question Help VOUDIG Ging whetnerne wants a 15-year ea rato 10.55%) or a 30-year mixed rate 1001/7) Mongage 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? b. Assume that instead of making a 20% down payment, he makes a 10% down payment and finances the remainder at 7 127% fixed interest for 15 years. What is his monthly payment? c. Assume that the home's total value falls by 25% of Bernie 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 mornity payment for both the 15 and 30-year mortgages, assuming a fully amortizing loan or equal payments for the life of foo mortgage? The monthly payment for the 15 year mortgage is $(Round to the nearest cent) Enter your answer in the answer box and then click Check Answer 3 parts Clear A Check remaining Next Previous o E 2 lago create DD ** ODOC 96 5 $ 4 & 7 6 00 9 o 7 R T T Y