Question

Cliff Branch bought a home with a 10.5% adjustable rate mortgage for 30 years. He paid $9.99 monthly per thousand on his original loan. At the end of 3 years he owes the bank $65,000. Since interest rates have risen to 12.5%. The bank will renew the mortgage at this rate, or Cliff can pay the bank $65,000. He decides to renew and will now pay $10.68 monthly per thousand on his loan. You can ignore the small amount of principal paid during the 3 years. What was the old monthly payment? $ a0 What is the new monthly payment? $ a1 What is the percent increase in his monthly payment (to the nearest tenth)? a2 %

Answer 1

Answer:

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