You are considering buying a new house, and have found that a $200,000, 30-year fixed-rate mortgage is available with an interest rate of 7 percent. This mortgage requires 360 monthly payments of approximately $1,302 each. If the interest rate rises to 8 percent, what will happen to your monthly payment?

Instruction: Round to the nearest dollar

The monthly payment will be $ ____.

Instruction: Round to the nearest tenth of a percent.

The change in the monthly payment will be ____ percent while the change in the interest rate will be ____ percent.