Use the following amortization chart:| Selling price of home | Down payment | Principal (loan) | Rate of interest | Years | Payment per $1,000 | Monthly mortgage payment ||------------------------|---------------|------------------|------------------|-------|--------------------|---------------------------|| $99,000 | $5,000 | $94,000 | 5.5% | 30 | $5.6779 | $533.72 |What is the total cost of interest?**Note:** Do not round intermediate calculations. Round your answer to the nearest whole dollar.| Total cost of interest | [Input box] |

Use the following amortization chart: Selling price of home $ 99,000 Down payment $ 5,000 Principal (loan) $ 94,000 Total cost of interest Rate of interest 5.5% Years 30 Payment per $1,000 $ 5.6779 Monthly mortgage payment $ 533.72 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 $ 99,000 Down payment $ 5,000 Principal (loan) $ 94,000 Total cost of interest Rate of interest 5.5% Years 30 Payment per $1,000 $ 5.6779 Monthly mortgage payment $ 533.72 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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