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Question - After graduating with your degree, you have decided that it is time to buy your first home. The condo you want costs $400,000 and you have $50,000 for a down payment. The bank will lend you $350,000 at a rate of 6%, compounded semi-annually, and amortized over 25 years. What is the total amount of interest paid on the loan over its 25-year life?
a. 405,898
b. 321,797
c. 419,270
d. 375,889
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