Question

Beverly Frost bought a home for $190,000 with a down payment of $19,000 at 7% for 25 years. Since then the rate has risen to 9%. How much more would her monthly payment be if she bought the house at 9%?

Answer 1

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Answer 2

Using equation

F=P(1+i)^n

where n=25,since i increased to 0.07 to 0.09,the increased payment would be $23,700