Mathematics, 23.04.2020 04:19, desiree3114

For the first two years of her mortgage Theresa was making fixed monthly payments of $1,000 per month. Her two year fixed-rate period has just ended, and now she must pay an interest rate of 6%. The amount outstanding on the mortgage is $170,000, and the mortgage will last for 28 years more. Calculate the increase in monthly payments that she must now pay. Round your answer to the nearest dollar.

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For the first two years of her mortgage Theresa was making fixed monthly payments of $1,000 per mont...