Marks

1) A contractor's price for a new house was $95,300.00. Vancouver Inc., the buyers of the house,

paid $21,000.00 down and financed the balance by making equal payments at the end of every

six months for 12 years. Interest is 5% compounded semi-annually.

a) What is the size of the semi-annual payment?

b) How much will Vancouver Inc. owe after 5 years?

c) What is the total cost of the building for Vancouver Inc.?

What is the total payment of Vancouver Inc.?

d) What is the total interest included in the payments?