Calculating monthly mortgage payments EXHIBIT 5.6 A Table of Monthly Mortgage Payments (Monthly Payments Necessary to Repay a $10,000 Loan) The monthly loan payments on a mortgage vary not only by the amount of the loan but also by the rate of interest and loan maturity. Note: To use: (1) Divide amount of the loan by $10,000,(2) find the loan payment amount in the table for the specific interest rate and maturity and (3) multiply the amount from Step 1 by the amount from Step 2 . Find the monthly mortgage payments on the following mortgage loans using either your calculator or the table above. a. $150,000 at 5.5 percent for 25 years. Do not round intermediate calculations. Round the answer to the nearest cent. $ b. $105,000 at 5.5 percent for 20 years. Do not round intermediate calculations. Round the answer to the nearest cent. $ c. $95,000 at 5 percent for 15 years. Do not round intermediate calculations. Round the answer to the nearest cent. $ Calculating required down payment on home purchase How much would you have to put down on a house with a selling price of $110,000 and an appraised value of $120,000 when the lender required an 80% loan-tion $