Armando Purchased a $380,000 Condo with a 25-Year Mortgage

question 35

Multiple Choice

Armando purchased a $380,000 condo with a 25-year mortgage. The interest on the mortgage is 5.6% compounded monthly and he makes semi-monthly payments towards the mortgage. Determine how much total interest was paid up to the end of year 5.

• A) $40,256.86
• B) $40,556.86
• C) $40,996.86
• D) $41,256.86
• E) $41,556.86

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