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.

17. What was the quoted interest rate for the mortgage (with semi-annual compounding)?

A) 5.27%

B) 5.47%

C) 5.41%

D) 5.20%

E) 5.33%

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

A) $90,000

B) $140,350

C) $10,735

D) $160,000

E) $110,735