If an adjustable-rate 30-year mortgage for $118,000 starts at 7.0 percent and increases to 7.5 percent, what is the increase in the monthly payment amount? Use Exhibit 7-7. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment increase Exhibit 7-7 Mortgage Payment Factors (principal and Interest factors per $1,000 of loan amount) Term Rate 30 Years 25 Years 20 Years 15 Years 3.0% $4.22 $4.74 $5.55 $6.91 3.5 4.49 5.01 5.80 7.15 4.0 4.77 5.28 6.06 7.40 4.5 5.07 5.56 6.33 7.65 50 5.37 5.85 6.60 7.91 5.5 5.68 6.14 6.88 8.17 6.0 6.00 6.44 7.16 8.44 6.5 6.32 6.75 7.46 8.71 7.0 6.65 7.07 7.75 8.99 6.99 7.5 7.39 8.06 9.27 8.0 7.34 7.72 8.36 9.56