Use the following amortization chart: Selling price of home $ 98,000 Rate of Down payment Principal (loan) interest $ 6,000 $ 92,000 6.0% Years Payment per $1,000 30 $5.9955 Total cost of interest Monthly mortgage payment $ 551.59 What is the total cost of interest? Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.

Use the following amortization chart: Selling price of home $ 98,000 Rate of Down payment Principal (loan) interest $ 6,000 $ 92,000 6.0% Years Payment per $1,000 30 $5.9955 Total cost of interest Monthly mortgage payment $ 551.59 What is the total cost of interest? Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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