please show work

7. Calculating monthly mortgage payments. Find the monthly mortgage payments on the following mortgage loans using either your calculator or the table in Exhibit 5.6: a. $90,000 at 6.5 percent for 30 years b. $125,000 at 5.5 percent for 20 years C. $97,500 at 5 percent for 15 years Exhibit 5.6 A Table of Monthly Mortgage Payments (Monthly Payments Necessary to Repay a $10,000 Loan) The monthly loan payments on a mortgage vary not only by the amount of the loan but also by the rate of interest and loan maturity. Loan Maturity Rate of Interest 10 Years 15 Years 20 Years 25 Years 30 Years 5.0% $106.07 $ 79.08 $ 66.00 $ 58.46 $ 53.68 5.5 108.53 81.71 68.79 61.41 56.79 6.0 111.02 8439 71.64 6443 59.96 6.5 113.55 87.11 74.56 67.52 63.21 70 116,11 89.88 77.53 70.68 66.53 7.5 118.71 92.71 80.56 73.90 69.93 95.57 8.0 121.33 83.65 77.19 73.38 86.79 80.53 98.48 76.90 8.5 123.99 83.92 101.43 80.47 9.0 126.68 84.09 9.5 129.40 87.37 104.43 93.22 87.76 90.88 107.47 132.16 96.51 10.0 Instructions: (1) Divide amount of the loan by $10,000; 2) find the loan payment amount in the table for the specific interest rate and maturity, and (3) multiply the amount from step by the amount from step 2 Example: Using the steps just described, the monthly payment for a $98,000,5.5 percent, 30-year loan would be determined as (0)598,000/$10,000 = 9.8; 2) the payment associated with a 5.5 percent, 30-year loan, from the table, is $56.79; 3) the monthly payment required to repay a 598,000, 5.5 percent, 30-year loan is 9.8 x 556.79 5556.54 89.98