Question
1. Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $
1. Use the following amortization chart:
| Selling price of home | Down payment | Principal (loan) | Rate of interest | Years | Payment per $1,000 | Monthly mortgage payment | ||||
| $ 80,000 | $ 5,000 | $ 75,000 | 5% | 30 | $ 5.37 | $ 402.75 | ||||
| What is the total cost of interest? |
| Total cost of interest | $ |
2. Use the following amortization chart:
| Selling price of home | Down payment | Principal (loan) | Rate of interest | Years | Payment per $1,000 | Monthly mortgage payment | ||||
| $ 85,000 | $ 6,000 | $ 79,000 | 6% | 30 | $ 5.37 | $ 424.23 | ||||
| Assume the interest rate rises to 7.5%. What is the total cost of interest? (Use Table 15.1). (Do not round intermediate calculations. Round your final answer to the nearest cent.) |
| Total cost of interest | $ |
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The Complete FinOps Handbook Essential Tools And Techniques For Financial Operations
Authors: Peter Bates
1st Edition
1922435546, 978-1922435545
