Save Homework: Chapter 8 Homework core: 0 of 3 pts roblem 8-3 (algorithmic) 3 of 6 (3 complete) HW Score: 38.39%, 5.76 of 15 pts Question Help Wadeoff's Mortgage. Bemie Madoff pays $240,000 for a new four-bedroom 2400-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 fed rate (6.397%) or a 30-year food rate (6.874%) mortgage What is the monthly payment for both the 15- and 30 year mortgages, assuming a fully amorting loan of equal payments for the life of the mortgage? Assume that instead of making a 20% down payment, he makes a 10% down payment, and finances the remainder at 7.127% fed interest for 15 years. What is this morty payment? Assume that the home's total value falls by 25%. Bernie sells the house at the new market value, what would be is gain or loss on the home and mortgage, assuming all of the mortgage principal remains? Use he same assumptions as in part 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 is $ (Rotond to the nearest cont.) ter your answer in the answer box and then click Check Answer Check Answer Clear AL parts remaining 0 # $ %