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 4 percent. This mortgage requires 360 monthly payments of approximately $947 each. If the interest rate rises to 5 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.