Total amount of interest paid during the life of mortgae

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Reference no: EM132029940

A 90,000 mortgage is repaid by payment at end of each month for the next 25 years. The rate of interest is 11.5% convertible semiannually

(a) divide the first payment into principal and interest.

(b) find the outstanding principal immediately after the 75th payment

(d) Find the total amount of interest paid during the life of the mortgage.

Reference no: EM132029940

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