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Selling price of home $ 9 4 , 0 0 0 Down payment$ 4 , 0 0 0 Principal ( loan ) $ 9 0

Selling price of home $ 94,000 Down payment$ 4,000 Principal (loan)$ 90,000 Rate of interest5% Years30 Payment per $1,000 $ 5.3682 Monthly mortgage payment $ 483.14 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.

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