A reset mortgage allows for one interest rate reset during the
life of the loan. The mortgage rate will be reset after 5 years, to
fully amortize at the end of the original 30 year period (i.e.
after 25 more years). For a 6 5/8%, $120,000, mortgage, compute the
reset payment if the new rate resets to 7 3/8%. (Hint: calculate
how much balance is left after you pay for 5 years at the rate of
6.625%, then use the...