Rate of interest 5 1/2 equals 5.67789 of 30 years Use the following amortization chart:Selling priceof home$ 90,000Down payment$ 5,000Principal(loan)$ 85,000Total cost of interestRate ofinterest107Years30Payment per$1,000$ 5.67789Monthly mortgagepayment$ 482.62Assume the interest rate rises to 7%. 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.

Interest cost refers to an fixed amount being charged on the loan amount by the lender to the…

Use the following amortization chart: Selling price of home $90,000 Down payment $ 5,000 Principal (loan) $ 85,000 Total cost of interest Rate of interest 10% Years 30 Payment per Monthly mortgage $1,000 $5.67789 payment $ 482.62 Assume the interest rate rises to 7%. 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 $90,000 Down payment $ 5,000 Principal (loan) $ 85,000 Total cost of interest Rate of interest 10% Years 30 Payment per Monthly mortgage $1,000 $5.67789 payment $ 482.62 Assume the interest rate rises to 7%. 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.

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

Rate of interest 5 1/2 equals 5.67789 of 30 years

Use the following amortization chart:
Selling price
of home
$ 90,000
Down payment
$ 5,000
Principal
(loan)
$ 85,000
Total cost of interest
Rate of
interest
107
Years
30
Payment per
$1,000
$ 5.67789
Monthly mortgage
payment
$ 482.62
Assume the interest rate rises to 7%. 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.

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