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If an adjustable-rate 20-year mortgage for $130,000 starts at 6.5 percent and increases to 7.0 percent, what is the increase in the monthly payment amount?

If an adjustable-rate 20-year mortgage for $130,000 starts at 6.5 percent and increases to 7.0 percent, what is the increase in the monthly payment amount? UseExhibit 7-7.(Do not round intermediate calculations. Round your answer to 2 decimal places.)

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