You are buying a house that costs $800,000 and you have $80,000 for a down payment. The bank will lend you $720,000 at a rate of 3.5%, compounded semi-annually, and amortized over 30 years.

What is the total amount of interest paid on the loan over its 30-year life?

Multiple Choice

• $440,273

• $295,375

• $854,250

• $150,500