Home MortgagesThe monthly payment that amortizes a loan ofAdollars intyears when the interest rate isr/year, compounded monthly, is given by the following formula. (Round your answers to the nearest cent.)

P=f(A,r,t) =Ar/(12[1(1 +r/12)^(12t)])

(a) What is the monthly payment for a home mortgage of $350,000that will be amortized over 30 years with an interest rate of5%/year?An interest rate of8%/year?

5%/year------$

8%/year-------$

(b) Find the monthly payment for a home mortgage of $350,000that will be amortized over 20 years with an interest rate of8%/year.

--------$