Bernie Madeoff pays $240 comma 000 for a new four-bedroom 2,400-square-foot home outside Tonopah, Nevada.

 Bernie Madeoff pays ​$240 comma 000 for a new​ four-bedroom 2,400-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 fixed rate ​(6.400​%) or a 30​-year fixed rate ​(6.875​%) mortgage.

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 7.125​% fixed interest for 15 years. What is his monthly​ payment?

c. Assume that the​ home's total value falls by​ 25%. If 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.