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nment Saved Word problem 15-14 (Algo) [LU 15-1 (2, 3)] Harriet Marcus is concerned about the financing of a home. She saw a small
nment Saved Word problem 15-14 (Algo) [LU 15-1 (2, 3)] Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $74,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? (Use the Table 15.1) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Monthly payment Total cost of interest a. 25 Years, 4.75% $ 337.51 $ 42,053.00 b. 25 Years, 5.25% $ 354.75 $ 47,225.00 c. 25 Years, 5.50% $ 363.54 $ 49,862.00 d. 25 Years, 5.75% $ 372.43 $ 52,529.00 e. What is the savings in interest cost between 4.75% and 5.75%? Note: Round your answer to the nearest dollar amount. Interest cost $ 5,172 f. If Harriet uses 30 years instead of 25 for both 4.75% and 5.75%, what is the difference in interest? Note: Use 360 days a year. Round your answer to the nearest dollar amount. Interest difference
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