Find the total amount paid over the life of the loan

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Reference no: EM131785210

Question: Problem describe a debt to be amortized. In each problem, find;

(a) the size of each payment.

(b) the total amount paid over the life of the loan.

A woman buys an apartment house for $1,250,000 by making a down payment of $250,000 and amortizing the rest of the debt with semiannual payments over the next 10 years. The interest rate on the debt is 8%, compounded semiannually.

Reference no: EM131785210

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