you purchase a house for $450,000 using a 30-year adjustable-rate mortgage that makes monthly payments with an annualized interest Rate of 12% After 9 years, the interest rate changes to 15% and after an additional 11 years the interest rate changes to 4% Calculate: How much are the monthly mortgage payments under each interest rate? Calculate: Explain how the changes in time, interest rate and principal change the monthly mortgage payments.

the problem is answered in Excel