1. Math
2. Prealgebra
3. the problem describes a debt to be amortized a man...

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

###### Question details

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.