Use the following amortization chart: Selling price of home Down payment...
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Accounting
Use the following amortization chart:
| Selling price of home | Down payment | Principal (loan) | Rate of interest | Years | Payment per $1,000 | Monthly mortgage payment | ||||
| $ 87,000 | $ 4,000 | $ 83,000 | 5.5% | 30 | $ 5.68 | $ 471.44 | ||||
What is the total cost of interest? (Do not round intermediate calculations. Round your answer to the nearest whole dollar.)
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