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Find the total interest paid over the life of the loan

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Question - The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a house for $320,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 14 years. The interest rate on the debt is 12%, compounded semiannually.

(a) Find the size of each payment.

(b) Find the total amount paid for the purchase.

(c) Find the total interest paid over the life of the loan.

Reference no: EM132922293

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