What will happen to your monthly payment

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Reference no: EM131169253

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.

Reference no: EM131169253

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