A 30-year fixed rate-mortgage is available now at 7% APR. Monthly payments (360 of them) will be made on a $200,000 loan. The realtor says that if you wait several months to obtain a mortgage, the APR could be as high as 8% "and the monthly payments will jump by 14%."

Is the realtor's claim true?

What percent increase in monthly payment will result from this 1% increase in APR?

Please show work.