1.You plan to purchase a 430,000 house using 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 4.5%. You will make the down payment of 20 percent of the purchase price.

Calculate your monthly payment on this mortgage? Also, show how much total interest will you be paying.

2.You plan to purchase a 230,000 house using 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 4%. You will make the down payment of 20 percent of the purchase price.

Calculate the monthly payment and the amount of interest paid over the life of this mortgage?