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A man buys a house for $380,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments
A man buys a house for $380,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 8 years. The interest rate on the debt is 13%, compounded semiannually. (a) Find the size of each payment. (b) Find the total amount paid for the purchase. (e) Find the total interest paid over the life of the loan.
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Mathematical Applications for the Management Life and Social Sciences
Authors: Ronald J. Harshbarger, James J. Reynolds
11th edition
9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042
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