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 ($)	Interest Rate (%)	Monthly Payment ($)
100,000	3	421.60
100,000	4
100,000	5
100,000	6
100,000	7
100,000	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 $110,000 mortgage at 6%/year over 30 years.

$

Use the table to calculate the monthly mortgage payments on a $40,000 mortgage at 6%/year over 30 years.