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
Related questions
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: ??

Transcribed Image Text: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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