a. 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 monthly payment on May 2014. What is the relationship between the interest rate and the fixed monthly payment (be specific)? Hint, on the Bank Rate site, enter $100,000 as the mortgage amount, 30 years as the term in years, and the relevant interest rate (take to two decimal places), then click on calculate.
Bank Rate site:
http://www.bankrate.com/calculators/mortgages/mortgage-payment-calculator.aspx
30-year mortgage rates:
https://fred.stlouisfed.org/data/MORTG.txt
b. What is the percent difference in monthly payments?