Use your calculator to determine (1) the current mortgage payment (2) the total interest paid, (3) the payment after the first adjustment and (4) the maximum payment for the following $156,000, 30-year mortgage. Assume that the initial interest rate is 6.90 percent.

d. Fixed for 5 years and then adjustable every 5 years, 3 percent per period, 6 percent lifetime cap. Assume also that rates increase at least 3 percent per year until they reach the lifetime cap and rates never again drop below the lifetime cap for the term of the mortgage.