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Use the following amortization chart: Selling price of home $ 90,000 Down payment Principal (loan) interest $ 5,000 $ 85,000 Rate of 51% Years 30
Use the following amortization chart: Selling price of home $ 90,000 Down payment Principal (loan) interest $ 5,000 $ 85,000 Rate of 51% Years 30 Payment per $1,000 $ 5.67789 Monthly mortgage payment $ 482.62 Assume the interest rate rises to 7%. 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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