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  3. the problem describes a debt to be amortized a man...

Question: the problem describes a debt to be amortized a man...

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The problem describes a debt to be amortized. A man buys a boat for $400,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 15 years. The interest rate on the debt is 9%, compounded semiannually. (a) Find the size of each payment. $ (b) Find the total amount paid for the purchase. $ (c) Find the total interest paid over the life of the loan.

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