Assume we have a $1 million 15 year mortgage with monthly payments beginning in exactly one month; the interest rate is 6%. Determine the monthly mortgage payment under the following assumptions. In each case verify your calculation by giving the relation between the pay rate and the accrual rate. Loan is partially amortizing with a balloon payment of $500,000 Monthly payment $8524.55; pay rate: 0.87%; accrual rate: 0.5% Monthly payment: $6574.55; pay rate; 0.56%; acerual rate: 0.5% Monthly payment: $6719.28; pay rate: 6.7%; accrual rate 6.0% Monthly payment $6719.28; pay rate: 0.67%; accrual rate: 0.5%