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Use the following amortization chart: Selling price Down Principal Rate of Payment per Monthly mortgage of home payment (loan) interest Years $1, 000 payment $

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Use the following amortization chart: Selling price Down Principal Rate of Payment per Monthly mortgage of home payment (loan) interest Years $1, 000 payment $ 86, 000 $ 5, 000 $ 81, 000 5% 30 $ 5.37 $ 434.97 Assume the interest rate rises to 6.5%. What is the total cost of interest with the new interest rate? (Use Table 15.1.) (Do not round intermediate calculations. Round your final answer to the nearest cent.) X Answer is complete but not entirely correct. Total cost of interest $ 75,589.20 X

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