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.

Question

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.