Justin Case has purchased a $250,000 home by putting 20% down and taking out a 25 year

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Justin Case has purchased a $250,000 home by putting 20% down and taking out a 25 year mortgage with semi-monthly payments of $600 to finance the rest. The payments will be made at the end of each period.

a) what was the quoted interest rate for the mortgage (with semi-annual compounding)

b) Assuming that Justin makes every payment on time, what will be the total dollar amount of interest that he will pay over the life of the mortgage

Posted Date: May 18, 2024 10:02 AM

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Justin Case has purchased a $250,000 home by putting 20% down and taking out a 25 year

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