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Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 88,000
Use the following amortization chart:
| Selling price of home | Down payment | Principal (loan) | Rate of interest | Years | Payment per $1,000 | Monthly mortgage payment | ||||
| $ 88,000 | $ 6,000 | $ 82,000 | 6% | 30 | $ 6.00 | $ 492.00 | ||||
| What is the total cost of interest? |
| Total cost of interest | $ |
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Integrated Audit Practice Case
Authors: David S. Kerr, Randal J. Elder, Alvin A. Arena
6th Edition
0912503564, 9780912503561
