Final answer:
The percent decrease in Lola's mortgage payment, after refinancing from $3,120 to $2,184, is calculated using the percentage decrease formula and results in a 30% reduction.
Step-by-step explanation:
To calculate the percent decrease in Lola's mortgage payment after refinancing, you need to know her original monthly payment and her new monthly payment.
Use the formula for percentage change, which is ((original amount - new amount) / original amount) × 100%.
Original monthly payment: $3,120
New monthly payment: $2,184
Now, we calculate the decrease: ($3,120 - $2,184) = $936
The percent decrease in her payment is then: ($936 / $3,120) × 100% which equals 30%.
Therefore, the percent of decrease in Lola's mortgage payment is 30%.