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Use the following amortization chart Selling price of home Dow

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Use the following amortization chart: Selling price
of home Down
payment Principal
(loan)Rate of interestYears Payment per
$1,000 Monthly mortgage payment$ 88,000$ 6,000$
82,0006%30$ 6.00$ 492.00
Solution
Total cost of interest = (492 x 12 x 30) - 82,000 = $95,120

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Use the following amortization chart: Selling price of home Down payment Principal (loan)Rate of interestYears Payment per $1,000 Monthly mortgage payment$ 88,000$ 6,000$ 82,0006%30$ 6.00$ 492.00 Solution Total cost of interest = (492 x 12 x 30) - 82,000 = $95,120 Name: Description: ...
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