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If an adjustable-rate 25-year mortgage for $124,000 starts at 5.5 percent and increases to 6.5 percent, what is the increase in the monthly payment amount? Use Exhibit 7-7. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment increase 30 Years 25 Years 20 Years 15 Years Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) Term Rate 3.0% 3.5 $4.22 $4.74 5.01 $5.55 5.80 $6.91 7.15 4.49 4.0 4.77 5.28 6.06 7.40 4.5 5.07 5.56 6.33 7.65 5.0 5.37 5.85 6.60 7.91 5.5 5.68 6.14 6.88 8.17 6.0 6.00 6.44 7.16 8.44 6.5 6.32 6.75 7.46 8.71 7.0 6.65 7.07 7.75 8.99 7.5 6.99 7.39 8.06 9.27 8.0 7.34 7.72 8.36 9.56
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