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?

what is the new monthly payment?

what is the percent increase in his monthly payment (to the nearest tenth)?

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

So, per thousand value of $65000 is 65000/1000=65

Now, the old monthly payment was =

He decides to renew and will now pay $10.68 monthly per thousand on his loan.

So, the new monthly payment is =

The percent increase in his monthly payment is=

=6.906% and to nearest tenth it is 6.9%

pay attention in your classes and concentrate the best thing you can do to raise your test scores is to pay attention when you're supposed to be learning the material: in class!

take good notes.

do your homework.

use mnemonics and other tricks.

do practice tests.

note: the best i know.

the answer would be 484

step-by-step explanation:

just multiply 0.484 times 1,000 (formula)