Homework: Section 8.5-8.6 Assignment Question 3, 8.5.25 HW Score: 66.67%, 4 of 6 points Part 1 of 2 * Points: 0 of 1 Save Assume that the mortgage is a 30-year adjustable rate mortgage. a) Use the table to find the monthly mortgage payments. b) Make a rough estimate of your monthly payments for year 3 by recalculating the monthly payments for a 30-year mortgage for the original amount at the new interest rate. P =$167,000; beginning interest rate, 5%, rate increases 6% then 1% Click the icon to view a table of monthly payments on a $1,000 loan. - X Monthly Payment on a $1,000 loan a. The monthly payments for this loan are $ Number of Years for the Loan (Type an integer or a decimal.) Annual Interest Rate 3 10 20 30 4% $29.53 $22.58 $10.12 $6.06 $4.77 5% 29.97 23.03 10.61 6.60 5.37 6% 30.42 23.49 11.10 7.16 6.00 8% 31.34 24.41 12.13 8.36 7.34 10% 32.27 25.36 13.22 9.65 8.78 12% 33.21 26.33 14.35 11.01 10.29 Print Done Help me solve this View an example Textbook Clear all Check answer Type here to search 1:19 PM Co 6/3/2022 art sc delete home end po Up