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12 June, 09:08

Bart Kelly bought a home with a 10% adjustable rate mortgage for 30 years. He paid $8.78 monthly per thousand on his original loan. At the end of 2 years he owes the bank $65,000. Since then interest rates have increased to 12.25%. The bank will renew the mortgage at this rate, or Bart can pay the bank $65,000. He decides to renew and will now pay $10.48 monthly per thousand on his loan. You can ignore the small amount of principal paid during the 2 years.

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Answers (1)
  1. 12 June, 12:15
    0
    old - 570.70

    new - 681.20

    percent increase - 19.4

    Step-by-step explanation:

    8.78*65=570.70

    10.48*65=681.20

    ((10.48/8.78) - 1) * 100
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Home » Mathematics » Bart Kelly bought a home with a 10% adjustable rate mortgage for 30 years. He paid $8.78 monthly per thousand on his original loan. At the end of 2 years he owes the bank $65,000. Since then interest rates have increased to 12.25%.
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