Problema Solution
If the current fixed mortgage rate of 3.6% rises to 4.3%, calculate the percent increase in the mortgage rate.
Answer provided by our tutors
0.043/0.036 = 1.194
approximately 119% of the current rate
the increase can also be defined by the change in increase divided by the current increase:
(0.036-0.043)/0.036 = -0.194
the change in rate is approximately 19%