Mathematics, 08.10.2019 10:10 ayanerzg
Fred myers bought a home with a 13% adjustable rate mortgage for 20 years. he paid $11.72 monthly per thousand on his original loan. at the end of 2 years he owes the bank $60,000. since interest rates have decreased to 10%, the bank will renew the mortgage at this rate, or fred can pay the bank $60,000. he decides to renew and will now pay $9.66 monthly per thousand on his loan. (you can ignore the small amount of principal paid during the 2 years.)
what was the old monthly payment?
what is the new monthly payment?
what is the percent decrease in his monthly payment (to the nearest tenth)?
Answers: 3
= $703.20
= $579.60
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Fred myers bought a home with a 13% adjustable rate mortgage for 20 years. he paid $11.72 monthly pe...
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