Use the following amortization chart: Selling price of home $ 96,000 Down payment $ 5,000 Rate of Principal (loan) interest $ 91,000 5.5% Total cost of interest Years Payment per $1,000 $5.6779 30 Monthly mortgage payment $516.69 Assume the interest rate rises to 7.0%. What is the total cost of interest with the new interest rate? (Use Table 15.1). Note: Round your intermediate calculations and final answer to the nearest cent.
Use the following amortization chart: Selling price of home $ 96,000 Down payment $ 5,000 Rate of Principal (loan) interest $ 91,000 5.5% Total cost of interest Years Payment per $1,000 $5.6779 30 Monthly mortgage payment $516.69 Assume the interest rate rises to 7.0%. What is the total cost of interest with the new interest rate? (Use Table 15.1). Note: Round your intermediate calculations and final answer to the nearest cent.
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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