You are trying to decide between different mortgage options. You have come up with the following payoff table for different mortgage options under possible rate changes. The payoffs represent how much you will end up paying in total.Rates riseRates StableRates Fall$2$ year ARM$$666,450$ $$436,500$ $$385,6003$ year ARM$$628,570$ $$476,980$ $$427,2605$ year ARM$$558,950$ $$508,940$ $$481,34025$ year fixed$$522,760$ $$522,760$ $$522,760$ a$)$Construct a payoff $($cost$)$ table for this decision problem. b$)$Construct an opportunity loss $($regret$)$ table for this decision problem.c$)$Determine which mortgage plans you should pick if:$1.$You are fully optimistic,$2.$You are fully pessimistic,$3.$You are only $30\%$ optimistic $($criterion of realism with $=0\mathrm{.}3),4.$You think the three outcomes are equally likely,$5.$You$$d like to avoid the maximum regret possible $($minimax$-$regret criterion$)\mathrm{.}6.$You think that there is a $60\%$ chance that rates will rise, $30\%$ probability that they will remain stable and $10\%$ probability that rates will fall. Use the expected value approach.