Find the total interest paid over the life of the loan

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Reference no: EM131063145

A man buys a house for $400,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 5 years. The interest rate on the debt is 11%, compounded semiannually. (Round your answers to the nearest cent.)

(a) Find the size of each payment.

(b) Find the total amount paid over the life of the loan (including the down payment).

Reference no: EM131063145

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