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
1 answer