Use the following amortization chart: Selling price of home Rate of Monthly mortgage $ 77,000 Down...
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Use the following amortization chart: Selling price of home Rate of Monthly mortgage $ 77,000 Down payment Principal (loan) interest $ 5,000 $ 72,000 5% 30 Years Payment per $1,000 $ 5.3682 payment $ 386.51 Assume the interest rate rises to 6.5%. 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. Total cost of interest Use the following amortization chart: Selling price of home Rate of Monthly mortgage $ 77,000 Down payment Principal (loan) interest $ 5,000 $ 72,000 5% 30 Years Payment per $1,000 $ 5.3682 payment $ 386.51 Assume the interest rate rises to 6.5%. 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. Total cost of interest
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