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7. Calculating Payment Changes. If an adjustable-rate 30-year mortgage for $120,000 starts at 4.0 percent and increases to 5.5 percent, what is the amount of

7. Calculating Payment Changes. If an adjustable-rate 30-year mortgage for $120,000 starts at 4.0 percent and increases to 5.5 percent, what is the amount of increase of the monthly payment? (Use Exhibit 9-9) ($120,000/ 1,000) ( ) = $

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