A Woman Buys an Apartment House for $1,250,000 by Making

question 102

Multiple Choice

A woman buys an apartment house for $1,250,000 by making a down payment of $125,000 and amortizing the rest of the debt with semiannual payments over the next 10 years. The annual interest rate on the debt is 7.5%, compounded semiannually. Find the total interest paid over the life of the loan. Round your answer to the nearest cent. ​

• A)$494,147.19
• B)$1,619,147.19
• C)$1,303,720.78
• D)$315,426.41
• E)$6,970,735.95

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