Answer:
The % increase in Jim's monthly payment = 19.36%
Step-by-step explanation:
The amount Jim was paying monthly on the first loan = $8.78
The amount he now pays monthly = $10.48
The increase in Jim's payment = $10.48 - $8.78
The increase in Jim's monthly payment = $1.7
The % increase in Jim's monthly payment = 1.7/8.78 * 100%
The % increase in Jim's monthly payment = 19.36%
multiply each side by nine, getting a negative nine then add ten to each side getting V=1
5.291 to 2 d.p I think that is the answer.
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