John Corbitt takes a fully amortizing mortgage for $80,000 at 10 percent interest for 30 years, monthly payments. What will be his monthly payment? 2. Dave Burns wants to buy a house. To do so, he must incur a mortgage. A local lender has determined that Dave can afford a monthly payment of $600, principal and interest. If the current interest rate on 30-yearm fixed-rate mortgage is 9.50 percent, what is the maximum amount of mortgage that Dave could qualify for? oh 3. Mike Long qualifies to borrow $120,000 on a mortgage at 9 percent for 30 years, monthly payments What is his monthly payment? a. b. How much interest does Mike pay in the first month of the loan?