Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 90,000 $ 5,000 $ 85,000 512%512% 30 $ 5.67789 $ 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 Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 90,000 $ 5,000 $ 85,000 512%512% 30 $ 5.67789 $ 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.

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...

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