QUESTION 3 of 10: You have a $112,000 adjustable rate mortgage that was 8% per year. You were just notified that next year it is going up to 13%. What is the annual dollar difference between the old and newly adjusted interest rates if your balance stayed the same at $112,000?

a) $1,120
b) $1,253
c) $5,600
d) $8,960