Hello, I need help figuring out the blank space above, please. The table the pro

Question

Hello, I need help figuring out the blank space above, please. The table the problem asks to refer to is in green.

Use the following amortization chart: Down payment $4,000 Principa Selling price of home Payment per $1,000 $5.68 Monthly mortgage payment $454.40 Rate of Years 30 $ 84,000 $ 80,000 5.5% Assume the interest rate rises to 7%. What is the total cost of interest with the new interest rate? Use the nearest cent. b e ). Do not round intermediate calculations. Round your nal answer to Total cost of interest

Explanation / Answer

Monthly payment for 7% interest = 80*6.66 = $           532.80 Total payment to be made = 532.80*360 = $        1,91,808 Less: Principal loan $           80,000 Total cost of interest = 191808-80000 = $        1,11,808 Answer

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