Ch $15$ Assignment

$3\mathrm{.}57$ points

Drill Problem $15-5($Algo$)[$LU $15-1(3)]$

Use the following amortization chart:

Selling price of home$=74,000$

Down payment$=5,000$

Principal $($loan$)=69,000$

Rate of interest$=5\%$

Years$=30$

Payment per $$1,000=5\mathrm{.}3682$

Monthly mortgage payment$=370\mathrm{.}41$

Assume the interest rate rises to $6\mathrm{.}5\%.$ What is the total cost of interest with the new interest rate? $($Use Table $15\mathrm{.}1).$

Note: Round your intermediate calculations and final answer to the nearest cent.