Use the following amortization chart: Selling price of home: $98,000 Down payment: $6,000 Principal (loan): $92,000 Rate of interest: 6.0% Years: 30 Payment per $1,000: $6.00 Monthly mortgage payment: $552 What is the cost of Interest? (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: $98,000 Down payment: $6,000 Principal (loan): $92,000 Rate of interest: 6.0% Years: 30 Payment per $1,000: $6.00 Monthly mortgage payment: $552 What is the cost of Interest? (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: $98,000

Down payment: $6,000

Principal (loan): $92,000

Rate of interest: 6.0%

Years: 30

Payment per $1,000: $6.00

Monthly mortgage payment: $552

What is the cost of Interest? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Total cost of interest: ??

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