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Exhibit 7-8 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) Term Rate 25 Years 20 Years 15 Years 4.0% $5.26 $6.04 $7.38 4.5% 5.53 6.30 7.63 5.0% 5.83 6.57 7.88 5.5% 6.10 6.84 8.14 6.0% 6.40 7.12 8.40 6.5% 6.70 7.41 8.66 7.0% 7.00 7.69 8.93 7.5% 7.32 7.99 9.21 8.0% 7.63 8.28 9.48 8.5% 7.95 8.59 9.76 9.0% 8.28 8.89 10.05 9.5% 8.61 9.20 10.33 10.0% 8.94 9.52 10.62 Problem 7-8 Calculating Monthly Mortgage Payments [LO3] Based on Exhibit 7-8; what would be the monthly mortgage payments for each of the following situations? (Round mortgage payment factors and final answers to 2 decimal places. Omit the "$" sign in your response.) a) A $85,000, 15-year loan at 9.5 percent APR compounded semi-annually b) A $171,000, 25-year loan at 4.5 percent APR compounded semi-annually c) A $129,000, 20-year loan at 9.0 percent APR compounded semi-annually A A $