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(1 point) Mr. Smith is purchasing a $170000 house. The down payment is 20% of the price of the house. He is given the
(1 point) Mr. Smith is purchasing a $170000 house. The down payment is 20% of the price of the house. He is given the choice of two mortgages: a) a 30-year mortgage at a rate of 8%. Find (1) the monthly payment: $ 997.919 (ii) the total amount of interest paid: $ 359250.84 b) a 15-year mortgage at a rate of 8%. Find (1) The monthly payment: $ 1299.687 (ii) the total amount of interest paid: $ 97943.630
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