Question: A man buys a house for $380,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments

A man buys a house for $380,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 8 years. The interest rate on the debt is 13%, compounded semiannually. (a) Find the size of each payment. (b) Find the total amount paid for the purchase. (e) Find the total interest paid over the life of the loan.

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