1. Calculating monthly mortgage payments. Find the monthly mortgage payments on the following mortgage loans using a time value of money calculator.

Note: You will need to divide the annual interest rate by 12 and multiply the number of years by 12 because mortgages typically compound monthly.

$90,000 at 6.5 percent for 30 years

$125,000 at 5.5 percent for 20 years

$97,500 at 5 percent for 15 years