Go to www.bankrate.com or to another Web site that contains amortization schedule calculators to answer the following questions:
a. Assume you have a mortgage of $150,000 for thirty years at 5%. What are (1) the monthly payment, (2) the total payments, and (3) the total interest payment?
b. Assume the same data as in “a” except for a term of fifteen years. What are (1) the monthly payment, (2) the total payments, and (3) the total interest payment?
c. Assume the same facts as in “a” except the interest rate is 6%. What are (1) the monthly payment, (2) the total payments, and (3) the total interest payment?