Mathematics, 18.03.2020 22:35 arnold2619

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? $ What is the amount of the new monthly payment? $ What is the percent of increase in his 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...