Aaron Jones bought a home with 10% interest for 30 years. He was paying $8.78 monthly per thousand on his first loan. At the end of the mortgage he owes the bank $55,000. Interest then went up tp 12.25%, the bank can renew the mortgage at this new rate. Jim now pays $10.48 monthly per thousand on this loan.
What is the percent of increase in his new monthly payment?
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