Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the following questions. (Round your answers to the nearest cent.) Amount of Mortgage ($) Interest Rate (%) 100,000 3 Monthly Payment ($) 421.60 100,000 4 100,000 5 100,000 6 100,000 100,000 7 8 733.76 (a) What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%/year? $ (b) Use the table to calculate the monthly mortgage payments on a $140,000 mortgage at 6%/year over 30 years. $ Use the table to calculate the monthly mortgage payments on a $30,000 mortgage at 6%/year over 30 years. Need Help? Read It