Use the following amortization chart:

selling price of home$ 90,000
down payment$ 5,000
principal (loan)$ 85,000
rate of interest5.5%
years30
payment per $1,000$ 5.68
monthly mortgage payment$ 482.80
30
assume the interest rate rises to 7%. 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 dollar amount.)

total cost of interest$

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer; the landlord can sue the renter,and the renter loses the security deposit;