Use the following amortization chart Selling price of home $ 96,000 Down payment $5,000 Rate of Principal (loan) interest $ 91,000 5.5% Total cost of interest Years Payment per $1,000 30 $5.6779 Monthly mortgage payment $ 516.69 Assume the interest rate rises to 70%. 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.

Use the following amortization chart Selling price of home $ 96,000 Down payment $5,000 Rate of Principal (loan) interest $ 91,000 5.5% Total cost of interest Years Payment per $1,000 30 $5.6779 Monthly mortgage payment $ 516.69 Assume the interest rate rises to 70%. 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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