A 30-year fixed rate-mortgage is available now at 8 % APR. Monthly payments (360 of them) will be made on a $200 000 loan. The realtor says that if you wait several months to obtain a mortgage, the APR could be as high as 9 %, "and the monthly payments will jump by 13 %." 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 nothing __ %. (Round to one decimal place.)
Is the realtor's claim true? Choose the correct answer, No Yes