Problem $9-5$ Calculating Monthly Mortgage Payments $[$LO$9-4]$

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?

$\backslash$table$[[,$Monthly Mortgage,$],[$a$.$ $$57,000,15-$year loan at $5,50$ percent.,,$],[$b$.$ $$120,000,30-$year loan at $7\mathrm{.}50$ percent.,,$],[$c$.$ $$108,000,20-$year loan at $5\mathrm{.}50$ percent.,,$],[$d$-1.$ Longer mortgage terms mean a$,,],[$d$-2.$ For increase in mortgage rate,,$]]$