Go to www.bloomberg.com/invest//calculators/mortgage.html and using the "Fixed Mortgage Loan Calculator," answer the following questions:
a. Assume you have a mortgage of $150,000 for 30 years at 5%. What are: 1) the monthly payment; 2) the total payments; and 3) the total interest payment?
b. Assume the same data as in "a" except for a term of 15 years. What are: 1) the monthly payment; 2) the total payments; and 3) the total interest payment?
c. Assume the same facts as in "a" except the interest rate is 6%. What are: 1) the monthly payment; 2) the total payments; and 3) the total interest payment?