Use your calculator to determine(1) the current mortgage payment(2) the total interestpaid, (3) the payment after the first adjustment and(4) the maximum payment for each of the following $198,600, 30-year mortgages. Assume that the initial interest rate is 5.60 percent.

a. Annuallyadjustable, 1 percent peryear, 5 percent lifetime cap. Assume also that rates increase at least 1 percent per year until they reach the lifetime cap and rates never again drop below the lifetime cap for the term of the mortgage.

b. Fixed for 3 years and then annuallyadjustable, 2 percent peryear, 5 percent lifetime cap. Assume also that rates increase at least 2 percent per year until they reach the lifetime cap and rates never again drop below the lifetime cap for the term of the mortgage.

c. Fixed for 5 years then annuallyadjustable, 2 percent peryear, 6 percent lifetime cap. Assume also that rates increase at least 2 percent per year until they reach the lifetime cap and rates never again drop below the lifetime cap for the term of the mortgage.

d. Fixed for 5 years and then adjustable every 5years, 3 percent perperiod, 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.

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