(answered) – 1) a) (10 points) Using the two links below, figure out theDescriptionSolution downloadThe QuestionPlease answer the attached questions. Show formula and all steps please. Need this complete in the next 2 hours.1)a) (10 points) Using the two links below, figure out the monthly payments on a$100,000, 30 year mortgage loan on April 1971 and compare to the monthlypayment on May 2014. What is the relationship between the interest rate and thefixed monthly payment (be specific)? Hint, on the Bank Rate site, enter $100,000as the mortgage amount, 30 years as the term in years, and the relevant interestrate (take to two decimal places), then click on calculate.Bank Rate site:http://www.bankrate.com/calculators/mortgages/mortgage-paymentcalculator.aspx30 mortgage rates:http://research.stlouisfed.org/fred2/series/MORTG(click on ‘view data’ on upper left of screen)b) (5 points) What is the percent difference in monthly payments?c) (5 points) Now compare the total interest payments using May 2014 vs. April1971.d) (5 points) Using an interest rate = 5%, compare the present value of $100,000 oneyear from now to the present value of $100,000 five years from now.
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