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Mathematics, 20.02.2021 06:30 zoe41
Jim Brown bought a house with a 11.5% adjustable rate mortgage for 20 years. He was paying $10.67 monthly per thousand on his original loan. At the end of 4 years he owes the bank $70,000. Interest has now gone up to 13%, the bank can renew the mortgage at this rate or Jim can pay the full $70,000. Jim renews the mortgage and will pay $11.72 monthly per thousand on this loan. What is the amount of the old monthly payment, new monthly payment, and the percentage increase of the new monthly payment?
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Jim Brown bought a house with a 11.5% adjustable rate mortgage for 20 years. He was paying $10.67 mo...
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