Rate of interest 5 1/2 equals 5.67789 of 30 years Use the following amortization chart:Selling priceof home$ 90,000Down payment$ 5,000Principal(loan)$ 85,000Total cost of interestRate ofinterest107Years30Payment per$1,000$ 5.67789Monthly mortgagepayment$ 482.62Assume 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.

Interest cost refers to an fixed amount being charged on the loan amount by the lender to the…

Use the following amortization chart: Selling price of home $90,000 Down payment $ 5,000 Principal (loan) $ 85,000 Total cost of interest Rate of interest 10% Years 30 Payment per Monthly mortgage $1,000 $5.67789 payment $ 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 $90,000 Down payment $ 5,000 Principal (loan) $ 85,000 Total cost of interest Rate of interest 10% Years 30 Payment per Monthly mortgage $1,000 $5.67789 payment $ 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.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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