93,000-88,000= $5,000Not sure how to calcuate the interest Selling priceof homeDownpaymentPrincipal(loan)$ 88,000Rate ofinterest$ 93,000$ 5,000Years307%What is the total cost of interest? (Do not round intermediate calculations. Round your final answer to the nearest cent.)Total cost of interestJokint0erences16 of 18Next >McGrawHillMacBook AirMAF6!10:F1QA@2N6:F2WS#380F3XED$4DOD888RC%5F< PrevF5TVA6Gwww&Y.7B80F7H* 008UDIIFRJN- O(91FOKM)0OF10C

Selling Price of Home $ 93,000.00 Down Payment $…

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

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Question

100%

93,000-88,000= $5,000 Not sure how to calcuate the interest

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
J
ok
int
0
erences
16 of 18
Next >
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Graw
Hill
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Given Principal $13,500, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $3,800; On 180th day, $2,500 a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost c b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. Balance after the payment Final payment On 100th day On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
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