6. A household takes out a fully amortized adjustable-rate loan for $640,000 over a 25 year term at an initial rate of 4.2%. After 3 years the interest rate increases to 6.2%. How much do the monthly repayments increase by? a) $676.60 b) $528.44 c) $502.69 d) $443.80 I

6. A household takes out a fully amortized adjustable-rate loan for $640,000 over a 25 year term at an initial rate of 4.2%. After 3 years the interest rate increases to 6.2%. How much do the monthly repayments increase by? a) $676.60 b) $528.44 c) $502.69 d) $443.80