Question

QUESTION 3 of 10: You have a $112,000 adjustable rate mortgage that was 8% per year. You were just notified that next year it is going up to
13%. What is the annual dollar difference between the old and newly adjusted interest rates if your balance stayed the same at $112,000?

a) $1,120
b) $1,253
c) $5,600
d) $8,960

Answer 1

C is the answer your welcome

Answer 2

Based on the information given, the annual dollar difference will be C. $5600.

Based on the information given, the annual dollar difference will be calculated as follows:

= (13% × $112000) - (8% × $112000)

= (0.13 × $112000) - (0.08 × $112000)

= $14560 - $8960

= $5600

In conclusion, the correct option is $5600.

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