Savannah took out a 7/1 variable-rate mortgage for $114,000. The interest rate for the first period was fixed at 6.15%, and the loan was amortized over 30 years. At the end of the initial loan period, the interest rate was 7.15%, plus a 1.25% margin. Use this information to figure out how much Savannah's monthly payment increased in the eighth year of her mortgage. (10 points: Part I - 2 points; Part II - 2 points; Part III - 2 points; Part IV - 2 points; Part V - 2 points)

Part I: What was Savannah's monthly payment for the first 7 years of the loan?

Part II: What was the remaining balance on Savannah's loan after the initial fixed-rate period?

Part III: What was the interest rate in the eighth year of Savannah's mortgage?

Part IV: What was Savannah's monthly payment in the eighth year of her mortgage?

Part V: By how much did Savannah's monthly payment increase in the eighth year of her mortgage?