Problem 9-5 Calculating Monthly Mortgage Payments [LO9-4] Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? \begin{tabular}{|c|c|c|c|c|} \hline Term Rate & 30 years & 25 years & 20 years & 15 years \\ \hline 3.0% & $4.22 & $4.74 & $5.55 & $6.91 \\ \hline 3.5 & 4.49 & 5.01 & 5.80 & 7.15 \\ \hline 4.0 & 4.77 & 5.28 & 6.06 & 7.40 \\ \hline 4.5 & 5.07 & 5.56 & 6.33 & 7.65 \\ \hline 5.0 & 5.37 & 5.85 & 6.60 & 7.91 \\ \hline 5.5 & 5.68 & 6.14 & 6.88 & 8.17 \\ \hline 6.0 & 6.00 & 6.44 & 7.16 & 8.44 \\ \hline 6.5 & 6.32 & 6.75 & 7.46 & 8.71 \\ \hline 7.0 & 6.65 & 7.07 & 7.75 & 8.99 \\ \hline 7.5 & 6.99 & 7.39 & 8.06 & 9.27 \\ \hline 8.0 & 7.34 & 7.72 & 8.36 & 9.56 \\ \hline \end{tabular}