Fixed-rate mortgage is available with an interest rate

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You are considering buying a new house, and have found that a $200,000, 30-year fixed-rate mortgage is available with an interest rate of 6 percent. This mortgage requires 360 monthly payments of approximately $1,179 each. If the interest rate rises to 7 percent, what will happen to your monthly payment? Instruction: Round to the nearest dollar The monthly payment will be $. Instruction: Round to the nearest tenth of a percent. The change in the monthly payment will be percent while the change in the interest rate will be percent.

Reference no: EM131173932

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