Question: Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of thefollowing situations? a. $40,000, 15-year loan

Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of thefollowing situations?

a. $40,000, 15-year loan at 4.5 percent

b. $76,000, 30-year loan at 5 percent

c. $65,000, 20-year loan at 6 percent

What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? 

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