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A man buys a house for $400,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the
A man buys a house for $400,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 5 years. The interest rate on the debt is 11%, compounded semiannually. (Round your answers to the nearest cent.)
(a) Find the size of each payment. $ (b) Find the total amount paid over the life of the loan (including the down payment). $ (c) Find the total interest paid over the life of the loan. $
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