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After being in effect for 4 years, the rate of interest on Sol Retal’s variable rate mortgage has changed from 12.5% to 10%. Sol’s old monthly payment was $763.25. Sol’s new monthly payment is $655.01. How much less does Sol pay in one year at the new mortgage rate?

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After being in effect for 4 years, the rate of interest on Sol Retal’s variable rate mortgage has changed from 12.5% to 10%. Sol’s old monthly payment was $763.25. Sol’s new monthly payment is $655.01. How much less does Sol pay in one year at the new mortgage rate?






 
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