Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? (Round time value factor and final answers to 2 decimal places.) What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? Monthly Mortgage Payment a. $120,000, 15-year loan at 4.5 percent. b. $86,000, 30-year loan at 5 percent. $105,000, 20-year loan at 6 percent. d-1. Longer mortgage terms mean a d-2. For increase in mortgage rate c. monthly payment monthly payment is required. Torm Rato 30 Yoars 25 Years 20 Yoars 15 Yoars 3.0% $4.22 $4.74 $5.55 $6.91 3.5 4.49 5.01 5.80 7.15 4.0 4.77 5.28 6.06 7.40 4.5 5.07 5.56 6.33 7.65 5.0 5.37 5.85 6.60 7.91 5.5 5.68 6.14 6.88 8.17 6.0 6.00 6.44 716 8.43 6.5 6.32 6.67 7.45 8.71 7.0 6.65 7.06 7.75 8.98 7.5 6.99 7.89 8.06 9.27 8.0 7.34 7.72 8.36 9.56 8.5 7.69 8.05 8.68 9.85