FOR HOMEWORK, please find a particular major lender's rates for a 30-year home mortgage loan with (1) a fixed rate, and (2) rates that adjust each year after an initial period of one, five and seven years. Lenders call adjustable rate mortgages ("ARMS") that start with a fixed rate of X years "X year ARMS" or "X/1 year ARMS" to indicate that after the initial period of X years, they adjust every single year. Please also find that lender's rate on a home mortgage loan for 15 years with a fixed rate. Also, please download an app on your phone that calculates loan payments. There are many free ones. If you go to the app store and enter "simple loan calculator" in the search box, you should get one that has the yellow text "Loan Calc" on a black background. That is the one I downloaded. Any other one you like will actually do. Once you have done this, please figure out the monthly payment in each of these cases: (1) a $500,000 mortgage with a 30 year fixed rate loan at 2%, (2) a $500,000 mortgage with a 30 year fixed rate loan at 5%, (3) a $500,000 mortgage with a 30 year fixed rate loan at 8%, and (4) a $500,000 mortgage with a 15 year fixed rate loan at 5%. Also, please figure out how much in total you will pay in connection with these four loans (this is equal to the monthly payment multiplied by 12 months multiplied by the number of years of the loan) and how much you will pay in total interest in connection with each of those loans (this is the total payments minus the original loan amount).