You are considering buying a starter home in Silicon Valley for $1,000,000. Prices are steep, but you think with low interest rates you will be able to make the necessary payments if you can borrow at 4.0 percent today. Unfortunately, your friend has not been as frugal and has not saved the necessary 20 percent down payment. Since your friend must wait to buy a home, you forecast that rates will have increased to a nominal rate of 8 percent. If you both borrow $800,000 for each house, how much larger will your friend's monthly payments be if you are both borrowing with a 30 -year mortgage.