A mortgage loan of $132,000 at 6% compounded semi-annually is to be amortized over 25 years by equal monthly payments. How much interest will be paid during the first three years?
A) $19,528
B) $22,834
C) $23,125
D) $26,119
E) $30,404
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A mortgage loan of $132,000 at 6% compounded semi-annually is to be amortized over 25 years by equal monthly payments. How much interest will be paid during the first three years?
A) $19,528
B) $22,834
C) $23,125
D) $26,119
E) $30,404