The problem describes a debt to be amortized A man buys a ho

The problem describes a debt to be amortized.
A man buys a house for $360,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 6 years. The interest rate on the debt is 13%, compounded semiannually. (Round your answers to the nearest cent.)
(a) Find the size of each payment.
$  

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

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

Solution

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