Calculating Monthly Mortgage Payments. Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations?
a. $120,000, 15-year loan at 4.5 percent.
b. $86,000, 30-year loan at 5 percent.
c. $105,000, 20-year loan at 6 percent.
d. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment?