Selling price Down Rate of interest payment Principal (loan) $ 88,000 of home $ 93,000 Years $ 5,000 79 30 What is the total cost of interest? (Do not round intermediate calculations. Rou Total cost of interest
Selling price Down Rate of interest payment Principal (loan) $ 88,000 of home $ 93,000 Years $ 5,000 79 30 What is the total cost of interest? (Do not round intermediate calculations. Rou Total cost of interest
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
100%
93,000-88,000= $5,000
Not sure how to calcuate the interest
Transcribed Image Text:Selling price
of home
Down
payment
Principal
(loan)
$ 88,000
Rate of
interest
$ 93,000
$ 5,000
Years
30
7%
What is the total cost of interest? (Do not round intermediate calculations. Round your final answer to the nearest cent.)
Total cost of interest
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