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Use the following amortization chart: Selling price of homeDown paymentPrincipal (loan)Rate of interestYearsPayment per $1,000Monthly mortgage payment$ 95,000$ 6,000$ 89,0006%30$ 6.00$ 534.00 Assume the interest

Use the following amortization chart:

Selling price

of homeDown

paymentPrincipal

(loan)Rate of interestYearsPayment per

$1,000Monthly mortgage payment$ 95,000$ 6,000$ 89,0006%30$ 6.00$ 534.00

Assume the interest rate rises to 7.5%.What is the total cost of interest with the new interest rate? (UseTable 15.1.)(Do not round intermediate calculations. Round your final answer to the nearest cent.)

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