Selling price Down Rate of interest payment Principal (loan) $ 88,000 of home $ 93,000 Years $ 5,000 79 30 What is the total cost of interest? (Do not round intermediate calculations. Rou 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
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93,000-88,000= $5,000 Not sure how to calcuate the interest
Selling price
of home
Down
payment
Principal
(loan)
$ 88,000
Rate of
interest
$ 93,000
$ 5,000
Years
30
7%
What is the total cost of interest? (Do not round intermediate calculations. Round your final answer to the nearest cent.)
Total cost of interest
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Transcribed Image Text:Selling price of home Down payment Principal (loan) $ 88,000 Rate of interest $ 93,000 $ 5,000 Years 30 7% What is the total cost of interest? (Do not round intermediate calculations. Round your final answer to the nearest cent.) Total cost of interest J ok int 0 erences 16 of 18 Next > Mc Graw Hill MacBook Air MA F6 ! 1 0: F1 Q A @ 2 N 6: F2 W S #3 80 F3 X E D $ 4 DOD 888 R C % 5 F < Prev F5 T V A 6 G www & Y. 7 B 80 F7 H * 00 8 U DII FR J N - O ( 9 1 FO K M ) 0 O F10 C
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