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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.
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| 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. |
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- 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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