Use the following amortization chart: Selling price of home Down payment $ 5,000 Rate of Monthly mortgage Principal (loan) $78,000 Payment per $1,000 $ 5.37 interest Years payment $ 83,000 5% 30...

Extracted text: Use the following amortization chart: Selling price of home Down payment $ 5,000 Rate of Monthly mortgage Principal (loan) $78,000 Payment per $1,000 $ 5.37 interest Years payment $ 83,000 5% 30 $418.86 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.) Total cost of interest TABLE 15-1 Amortization table (mortgage principal and interest per $1.000) INTEREST Term In years 31% 5% 51% 6% 6% 7% 7% 8% 81% 9% 10% 10% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 1.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 951 976 10.02 10.29 10,56 10.83 11.11 11.39 11.67 11.06 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 1137 17 6.52 7.29 P.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8,68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39 9.73 10.08 25 5.01 5.85 6.15 6.45 6.76 7.07 7.39 7.72 8.06 8.40 8.74 9.09 9.45 9.81 30 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.34 7.69 8.05 8.41 8.78 9.15 9.53 35 3.99 5.05 5.38 5.71 6.05 6.39 6.75 7.11 7.47 7.84 8.22 8.60 8.99 9.37