Use the following amortization chart: Selling price of home Down payment $ 5,000 Principal (loan) $ 94,000 Rate of interest Years 5.5% 30 Payment per $1,000 $ 5.6779 $ 99,000 What is the total cost of interest? Monthly mortgage payment $ 533.72 Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar. Total cost of interest
Use the following amortization chart: Selling price of home Down payment $ 5,000 Principal (loan) $ 94,000 Rate of interest Years 5.5% 30 Payment per $1,000 $ 5.6779 $ 99,000 What is the total cost of interest? Monthly mortgage payment $ 533.72 Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar. Total cost of interest
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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![Use the following amortization chart: \table[\table[[elling price], [of home],[$99,000
Use the following amortization chart:
Selling price
of home
$ 99,000
Down payment
$ 5,000
Principal
(loan)
$ 94,000
Rate of
interest
5.5%
Years
30
Payment per
$1,000
$ 5.6779
What is the total cost of interest?
Monthly mortgage
payment
$ 533.72
Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.
Total cost of interest](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa51b07d-df0b-4bb9-a4d1-be6971d69549%2F24a19e25-2c94-4bf7-bd2b-632cd48572e3%2Fly0axbvf_processed.png&w=3840&q=75)
Transcribed Image Text:Use the following amortization chart: \table[\table[[elling price], [of home],[$99,000
Use the following amortization chart:
Selling price
of home
$ 99,000
Down payment
$ 5,000
Principal
(loan)
$ 94,000
Rate of
interest
5.5%
Years
30
Payment per
$1,000
$ 5.6779
What is the total cost of interest?
Monthly mortgage
payment
$ 533.72
Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.
Total cost of interest
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