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In: AccountingUnderwater Mortgage. Bernie Madeoff pays $250,000 for a newfour-bedroom 2,400-square-foot home outside Tonophah, Nevada. He...Underwater Mortgage. Bernie Madeoff pays $250,000 for a newfour-bedroom 2,400-square-foot home outside Tonophah, Nevada. Heplans to make a 20% down payment, but is having trouble decidingwhether he wants a 15-year fixed rate (6.397%) or 30-year fixedrate (6.878%) mortgage.A). What is the monthly payment for both the 15- and 30-yearmortgages, assuming a fully amortizing loan of equal payments forthe life of the mortgage?B) Assume that instead of making a 20% down payment, he makes a10% down payment, and finances the remainder at 7.128% fixedinterest for 15 years. What is his monthly payment?C) Assume that the home's total value falls by 25%. If thehomeowner is able to sell the house, but now at the new home value,what would be his gain or loss on the home and mortgage assumingall of the mortgage principal remains? Use the same assumptions asin part A.Please show formulas