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

Note: Round time value factor and final answers to 2 decimal places.

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

Monthly Mortgage Paymenta. $106,000, 15-year loan at 5.00

percent.b. $81,000, 30-year loan at 6.50 percent

.c. $89,000, 20-year loan at 6.00 percent

.d-1. Longer mortgage terms mean amonthly payment.

d-2. For increase in mortgage ratemonthly payment is required.