Pregunta
- A monthly mortgage payment increases from
to
to
Ask by Parry Craig. in the United States
Mar 20,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
Responder
The mortgage payment increased by 5%.
Solución
-
Compute the increase in the mortgage payment:
-
Find the percent increase by dividing the increase by the original amount and multiplying by 100:
-
Simplify the fraction:
-
Multiply by 100 to get the percent:
Thus, the percent increase is
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Simplifique esta solución Beyond the Answer
To find the percent increase, you can use the formula:
Plug in the values:
So, the monthly mortgage payment increased by approximately 5%.
A fun fact about mortgages is that they’ll often be your largest financial commitment. Back in the day, home loans didn’t have the flexibility we enjoy now. They were usually lump-sum payments with fewer financing options, making it much harder for families to afford homes!
On a practical note, always revisit your mortgage terms, especially when rates fluctuate. Many homeowners overlook options like refinancing, which can save thousands over the life of the loan. Remember, even a small percentage change can make a huge difference in your wallet!
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