21. A monthly mortgage payment increases from \( \$ 840 \) to \( \$ 882 \). What is the percent increase?

To find the percent increase, you can use the formula: \[ \text{Percent Increase} = \left( \frac{\text{New Value} - \text{Old Value}}{\text{Old Value}} \right) \times 100 \] Plug in the values: \[ \text{Percent Increase} = \left( \frac{882 - 840}{840} \right) \times 100 = \left( \frac{42}{840} \right) \times 100 \approx 5\% \] 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!