Frank Green purchased a home with a 10.25% rate mortgage for 25 years. His total monthly payments were $509.85. At the end of 3 years he owes the bank $55,000. Now that interest rates have gone up to 12.75%, the bank wants to renew the mortgage at this rate or Frank can pay $55,000. Frank decides to renew the mortgage, which will make his payments $610.50 a month. You can ignore the small amount of principal that has been paid.