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Use the following amortization chart: Selling price of home Rate of Monthly mortgage $ 83,000 $ 5,000 Down payment Principal (loan) interest $ 78,000 5%
Use the following amortization chart: Selling price of home Rate of Monthly mortgage $ 83,000 $ 5,000 Down payment Principal (loan) interest $ 78,000 5% Years 30 Payment per $1,000 $ 5.3682 payment $ 418.72 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. Answer is complete but not entirely correct. Total cost of interest $ 150,215.00 x
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