A

B

D

E

F

$1$

Compute the amount of the monthly payment on a $25-y$ ear, $$310,000$ mortgate with an annual interest rate of $10\%.$

$\backslash$table$[[3,,,],[,,],[4,$Principal,$$310,000,],[5,$Term,$25,$years$],[6,$Interest rate $1,10\%,],[7,$Payments per year,$12,],[8,$Interest rate $2,8\%,]]$

Required:

a$.$ Compute the amount of each of the monthly mortgage payments assuming the annual interest rate is $10\%.$

$12$

$13$

b$.$ Compute the amount of each of the monthly mortage payments assuming the annual interest rate is $8\%.$

$14$

$15$

$16$

c$.$ How much does a $2\%$ drop in interest rates save per month?