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August 3, 2015

Homework Help: Economics

Posted by John on Monday, June 24, 2013 at 11:32am.

Calculate the total dollar amount paid for a house purchased for $200,000. The buyer paid $50,000 as down payment and the remaining $150,000 was obtained with a closed mortgage having a 25 year loan at 10% interest compounded semi-annually and a monthly payment period. Assume the buyer renews the loan after each term at the same interest rate.

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