You are considering buying a new house, and have found that a $250,000, 30-year fixed-rate mortgage is available with an interest rate of 7 percent. This mortgage requires 360 monthly payments of approximately $1,627 each. If the interest rate rises to 8 percent, what will happen to your monthly payment? Instructions: Enter your response rounded to the nearest dollar. Do not round intermediate calculations. The monthly payment will be $ . Instructions: Enter your response rounded to the nearest tenth of a percent (one decimal place). Do not round intermediate calculations. The change in the monthly payment will be percent while the change in the interest rate will be percent.