Mathematics, 16.05.2021 01:30 amylumey2005
Felicity purchased a home three years ago using an adjustable rate mortgage. For the first three years, she paid an interest rate of 7% and had monthly payments of $1,097.75. For the fourth year of the mortgage, however, interest rates have gone up. Felicity will now be charged an interest rate of 8%, making her monthly payments $1,210.71. With this change in interest rate, how much more will Felicity pay on her mortgage in the fourth year in comparison to the third year?
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Felicity purchased a home three years ago using an adjustable rate mortgage. For the first three yea...
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