SOLUTION: please solve this problem for me If the current fixed mortgage rate of 4.70% rises to 5.30%, calculate the percent increase in the mortgage rate. What is the percent increase in

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Question 1202621: please solve this problem for me
If the current fixed mortgage rate of 4.70% rises to 5.30%, calculate the percent increase in the mortgage rate.
What is the percent increase in the mortgage rate?

Found 2 solutions by math_tutor2020, ikleyn:
Answer by math_tutor2020(3817)   (Show Source): You can put this solution on YOUR website!

Answer: 12.77% increase approximately


Work Shown:
change = 5.30 - 4.70 = 0.60

Divide that increase by the original rate.
0.60/4.70 = 0.1277 = 12.77% approximately

Answer by ikleyn(52814)   (Show Source): You can put this solution on YOUR website!
.

In this problem, you are given two quantities: 

    - the base value of 4.70%, and

    - the changed value of 5.30%.


They want you calculate the percent of increase.


    +----------------------------------------------------------------+
    |   In this problem it does not matter, what quantities          |
    |      they are and what is their dimension units                |
    | (percents, kilograms, milliliters, cubic meters, amperes etc.) |
    |     All such problems are solved in the same way.              |
    +----------------------------------------------------------------+


    - first you calculate the change of the values, from the basic value to the changed value.

      In this problem this change is  5.30-4.70 = 0.6.



    - then you relate the change value to the base value.

      In this problem this ratio is  .



    - finally, you multiply the ratio by 100 to get the percentage

      In this problem, you get   = 12.76595745%.    ANSWER


You may round the answer in any way you want or in any way as instructed.

Solved, and you have a complete explanation.



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