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) ?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your 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 ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
A Customer purchased three pairs of pants for $17.00,$18.95 and $20.50 (Prices include taxes). How much change should you give back if they paid with a $50 and $20 bill?
Answers (1)
Shoko bought a box of popcorn for$3.50 and three medium drinks. Define a variable and write an expression to represent the total amount they spent. Then find the total amount if one drink costs $1.50
Answers (2)
Three times the sum of a number and three
Answers (2)
What times what equals 40
Answers (2)
What is 36.357rounded to the nearest tenth?
Answers (2)
New Questions in Mathematics
How do you solve: negative eight is less than or equal to 8x
Answers (2)
Simplify the expression and identify the identity used to simplify. sin (x) cot (x)
Answers (1)
Write 16/75 as a percent. Round to nearest tenth
Answers (1)
sally has a part time job mowing lawns so she can save money for a new car. she charges $5 per hour define the independent and dependent variables
Answers (1)
Carole needs 4pounds of nuts for her granola. She has 26ounces of walnuts and 28ounces of cashews. How many ounces of peanuts should she buy so she has 4pounds of nuts?
Answers (1)