Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 95,000 $ 6,000 $ 89,000 6.0% 30 $ 5.9955 $ 533.60 What is the total cost of interest? Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.
Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 95,000 $ 6,000 $ 89,000 6.0% 30 $ 5.9955 $ 533.60 What is the total cost of interest? Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
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Use the following amortization chart:
Selling price of home | Down payment | Principal (loan) | Rate of interest | Years | Payment per $1,000 | Monthly mortgage payment |
---|---|---|---|---|---|---|
$ 95,000 | $ 6,000 | $ 89,000 | 6.0% | 30 | $ 5.9955 | $ 533.60 |
What is the total cost of interest?
Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.
I know that the total cost of interest is NOT $135,280. Thats the answer I keep getting.
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