Justin Case has purchased a $250 000 home by putting 20% down and taking out a 25 year mortgage with semi monthly payments of $600 to finance the rest. The payments will be made at the end of each period. What as the quoted interest rate for the mortgage ( with semi annual compounding) ?

Assuming that Justin makes every payment on time, what will e the total dollar amount of interest that he will pay over the life of the mortgage?

( first part should have an answerof 5.33%)

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