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December 19, 2014

Homework Help: math

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

The problem describes a debt to be amortized.

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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