Chapter 5.3, Problem 21E

HOME MORTAGES Complete the following table which shows the monthly payment on a $\$100,000$, $\text{30}\text{year}$ mortgage at the interest rate shown. Use this information to answer the following questions.

Amount of Mortgage($)	Interest Rate(%)	Monthly Payment ($)
$100000$	$3$	$421.60$
$100000$	$4$	$\dots$
$100000$	$5$	$\dots$
$100000$	$6$	$\dots$
$100000$	$7$	$\dots$
$100000$	$8$	$733.76$

a. What is the difference in monthly payments between a $\$100,000$, $30$ year mortgage secured at $\text{7\%}/\text{year}$ and one secured at $\text{3\%}/\text{year}$?

b. Use the table to calculate the monthly mortgage payments on a $\$150,000$ mortgage at $\text{5\%}/\text{year}$ over $\text{30}\text{years}$ and a $\$50,000$ mortgage at $\text{5\%}/\text{year}$ over $\text{30}\text{years}$.