Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 74,000 $ 5,000 $ 69,000 5% 30 $ 5.37 $ 370.53 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.) Total cost of interest $

Table

INTEREST Term in years 34% 5% 54% 6% 65% 7% 74% 8% 84% 9% 94% 10% 101% 11% 12 15 17 13.22 11.96 10.75 10.22 9 9.89 1061 10.86 TL. 8.52 9 .25 9.51 9 .76 7.15 791 8.18 8 .44 6.52 7.297.567.84 5.80 6.60 6.88 7.17 5.44 6.20 6.51 6.82 5.01 5.85 6.15 6.45 4.50 5.375.68 6.00 3.995.05 5.38 571 11.36 10.02 8.72 8.12 7.46 7.13 6.76 6.33 6.05 1162 10.29 8.99 8.40 7.76 7.44 11.88 12.14 12.40 12.67 12.94 10.56 10.83 11. 11.39 11.67 .28 9.56 9.85 10.15 10.45 8.698.999.299.599.90 8.06 8.37 8.68 9.00 9.33 7.75 8.07 8.39 8.72 9.05 7.39 7.72 8.06 8.40 8.74 7.00 7.34 7.69 8.05 8.41 6.75 7.11 7.47 7.84 8.22 9.66 13.50 13.78 12.25 12.54 11.06 11.37 10.54 10.86 9.99 10.33 9.73 10.08 9.81 .15 9.53 8.999.37 7.07 9.45 9.39 9.09 8.78 8.60 9 6.66 6.39 35