Use the following amortization chart:Selling price of home: $94,000Down payment: $4,000Principal (loan): $90,000Rate of interest: 5%Payment per 1,000: $5.37Monthly mortgage payment: $483.30Assume the interest rate rises to 6.5% what is the total cost of Interest with the new interest rate? (Use Table 15.1). (Do not round intermediate calculations. Round your answer to the nearest cent.)Total cost of interest: ?? TABLE 15-1Amortization table (mortgage principal and interest per $1,000)INTERESTTermin years3%5%51%6%64%7%8%94%10일%7%8%9%10%11%109.8910.6110.8611.1111.3611.6211.8812.1412.4012.6712.9413.2213.5013.78128.529.259.519.7610.0210.2910.5610.8311.1111.3911.6711.9612.2512.54157.157.918.188.448.728.999.289.569.8510.1510.4510.7511.0611.37176.527.297.567.848.128.408.698.999.299.599.9010.2210.5410.86205.806.606.887.177.467.768.068.378.689.009.339.669.9910.33225.446.206.516.827.137.447.758.078.398.729.059.399.7310.08255.015.856.156.456.767.077.397.728.068.408.749.099.459.81304.505.375.686.006.336.667.007.347.698.058.418.789.159.53353.995.055.385.716.056.396.757.117.477.848.228.608.999.37

Use the following amortization chart: Selling price of home: $94,000 Down payment: $4,000 Principal (loan): $90,000 Rate of interest: 5% Payment per 1,000: $5.37 Monthly mortgage payment: $483.30 Assume the interest rate rises to 6.5% what is the total cost of Interest with the new interest rate? (Use Table 15.1). (Do not round intermediate calculations. Round your answer to the nearest cent.) Total cost of interest: ??

Use the following amortization chart: Selling price of home: $94,000 Down payment: $4,000 Principal (loan): $90,000 Rate of interest: 5% Payment per 1,000: $5.37 Monthly mortgage payment: $483.30 Assume the interest rate rises to 6.5% what is the total cost of Interest with the new interest rate? (Use Table 15.1). (Do not round intermediate calculations. Round your answer to the nearest cent.) Total cost of interest: ??

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

Use the following amortization chart:

Selling price of home: $94,000

Down payment: $4,000

Principal (loan): $90,000

Rate of interest: 5%

Payment per 1,000: $5.37

Monthly mortgage payment: $483.30

Assume the interest rate rises to 6.5% what is the total cost of Interest with the new interest rate? (Use Table 15.1). (Do not round intermediate calculations. Round your answer to the nearest cent.)

Total cost of interest: ??

TABLE 15-1
Amortization table (mortgage principal and interest per $1,000)
INTEREST
Term
in years
3%
5%
51%
6%
64%
7%
8%
94%
10일%
7%
8%
9%
10%
11%
10
9.89
10.61
10.86
11.11
11.36
11.62
11.88
12.14
12.40
12.67
12.94
13.22
13.50
13.78
12
8.52
9.25
9.51
9.76
10.02
10.29
10.56
10.83
11.11
11.39
11.67
11.96
12.25
12.54
15
7.15
7.91
8.18
8.44
8.72
8.99
9.28
9.56
9.85
10.15
10.45
10.75
11.06
11.37
17
6.52
7.29
7.56
7.84
8.12
8.40
8.69
8.99
9.29
9.59
9.90
10.22
10.54
10.86
20
5.80
6.60
6.88
7.17
7.46
7.76
8.06
8.37
8.68
9.00
9.33
9.66
9.99
10.33
22
5.44
6.20
6.51
6.82
7.13
7.44
7.75
8.07
8.39
8.72
9.05
9.39
9.73
10.08
25
5.01
5.85
6.15
6.45
6.76
7.07
7.39
7.72
8.06
8.40
8.74
9.09
9.45
9.81
30
4.50
5.37
5.68
6.00
6.33
6.66
7.00
7.34
7.69
8.05
8.41
8.78
9.15
9.53
35
3.99
5.05
5.38
5.71
6.05
6.39
6.75
7.11
7.47
7.84
8.22
8.60
8.99
9.37

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