Question

Asked Dec 4, 2019

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Step 1

A man buys a house for $ 310,000. He makes a $150,000 down payment and amortize the rest of the purchase price with semiannual payments over the next 13 years. The interest rate on the debt is 12%, compounded semiannually.

- Find the size of each payment
- Find the total amount paid for this purchase.
- Find the total interest paid over the life of the loan

Step 2

Given

P=$310,000

Down payment= $150,000

Payment remaining= 310,000-150,000

=$160,000

Now remaining payment he will pay in 13 years

Step 3

Total amount to be paid ...

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