Use the following amortization chart: Selling price Down Principal of home payment (loan) 586,000 $5,000 $ 81,880 Rate o

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Use The Following Amortization Chart Selling Price Down Principal Of Home Payment Loan 586 000 5 000 81 880 Rate O 1 (14.9 KiB) Viewed 26 times

Use The Following Amortization Chart Selling Price Down Principal Of Home Payment Loan 586 000 5 000 81 880 Rate O 2 (14.9 KiB) Viewed 26 times

Use The Following Amortization Chart Selling Price Down Principal Of Home Payment Loan 586 000 5 000 81 880 Rate O 3 (29.57 KiB) Viewed 26 times

Use the following amortization chart: Selling price Down Principal of home payment (loan) 586,000 $5,000 $ 81,880 Rate of interest 5% Years 30 Payment per $1,000 5.5.37 Monthly mortgage payment 5.434.97 Assume the interest rate rises to 6.5%. What is the total cost of interest with the new interest rate? (Use Table 15.1) (Do not round Intermediate calculations. Round your final answer to the nearest cent.) Answer is complete but not entirely correct. Total cost of interest $ 103,511.00

TABLE 15-1 Amortization table (mortgage principal and Interest por $1,000) INTEREST Term In years 3% 5% 5.1% 6% 7% 7% 8% 81% 9% 9.9% 10% 1019 11% 10 12 12.40 1086 051 11.11 0.76 11.36 1002 1162 10.29 8.99 12.94 11.67 13.22 11.96 1378 12.54 15 17 1267 11.39 10.15 9.59 13.50 12.25 11.06 10.54 9.89 9.52 7.15 6.52 5.80 544 5.01 4.50 3.99 1061 25 7.91 7.29 6.60 620 5.85 5.37 20 22 25 8.18 7.56 6.88 6.50 6.15 5-68 5:38 8.44 7.84 717 682 6.45 8.72 8.12 7.46 7.13 6.76 6.33 8.40 7.76 7.44 707 6.66 639 1.88 -0.56 9.28 8.69 8.06 7.75 7.39 7.00 6.75 12.14 10.83 9.56 8.99 8.37 807 7.72 7.34 7:11 9.85 9.29 8.68 839 8.06 769 7:47 9.00 8.72 8.40 805 784 10.45 9.90 9.33 9.05 8.74 841 8.22 10.75 10 22 9.66 9:39 9.09 9.99 9.73 9.45 9.15 8.99 11:37 10.86 10.33 10.08 9.81 9.53 937 30 35 6:00 5.71 505 878 8.50 6.05