You are planning on buying a house in Clifton, New Jersey at an expected price of $ 450,000, with a traditional (meaning 20% down payment, 80% mortgage financed), Fixed Rate, 30 year mortgage at 4.5%/ year interest rate. ( Each parts 10 points each, 3x10:30points) A. Please calculate the monthly payment required to service the above mortgage 1. i. Utilizing the FNMA mortgage qualifying formula as discussed in class, calculate the monthly income required to be approved for the loan. B. ii. You would like to reduce the length of the mortgage; you are trying to add an additional $ 300.00 per month to pay down the mortgage earlier than 30 years. Please calculate the length of the mortgage under this scenario. How would you discuss rationally whether the trade- off makes sense. C. Your spouse would like to have a 15 year mortgage. As it so happens, because of the reduced length of the mortgage, the interest on these mortgages are less, 4%/year. The loan amount remains the same. Calculate the monthly payment required