John Anderson 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 5 years, he owes the bank $55,000. Now that interest rates have gone up to 12.5%, the bank will renew the mortgage at this rate or John can pay $55,000. John decides to renew and will now pay $10.68 monthly per thousand on his loan. (You can ignore the small amount of principal that has been paid.) 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?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “John Anderson 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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of the following polynomials is a binomial? A. 6x B. 5x-9 C. x^[2] + 8x-3 D. 2x^[3]+4x^[2]-7x+1
Answers (1)
Michael paid a total of $48 for 4 pizzas. He used a coupon for $4 4p - 4 = 48
Answers (1)
What metric unit should i use to measure the mass of a monkey
Answers (2)
The perimeter of a rectangle is 78 m the width is 7 m less than the length find the length and the width of the rectangle
Answers (2)
Ratios : a store is having a sale on books may bought 5 books and spend $40 if she buy 2 more books how much will she pay
Answers (1)
New Questions in Mathematics
What does stack them mean in math
Answers (1)
In order for the data in the table to represent a linear function with a rate of change of + 5, what must be the value of m? m=3 m=2 m = 18 m=33
Answers (2)
Write an expression for the speed of the boat coming back from the island in terms of the other boat's speed. let x be the speed of the boat you are taking to the island.
Answers (1)
Write down all the even numbers from 30 to 300 how many times will 6 appear
Answers (1)
What type of problems can be solved by using GCF
Answers (1)