3.Mortgage Rates:You have been hired as a bank loan consultant by MIAMI-BANK and they want your input in setting loan rates for newTen-yearmortgages. Based on what you have learnt in this course,constructanumerical example,and explain,step-by-stephow you would determinethe new mortgage rate? You need to write and use the formula that you need to compute the interest portion of the new Ten-years mortgage payment in any given month. You can obtain information about the mortgages market rates from the S&P index.