Wednesday

October 22, 2014

October 22, 2014

Posted by **susie** on Monday, May 2, 2011 at 10:38pm.

A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 12 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.

$ 1

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

$ 2

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

$ 3

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