A? 30-year fixed? rate-mortgage is available now at 7?% APR. Monthly payments? (360 of? them) will be made on a ?$175000 loan. The realtor says that if you wait several months to obtain a? mortgage, the APR could be as high as 8?%, ?"and the monthly payments will jump by 14?%." Is the? realtor's claim? true? If? not, what percent increase in monthly payment will result from this? 1% increase in? APR?
The increase in monthly payment will be