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(2 points) Mr. Smith is purchasing a $170000 house. The down payment is 20% of the price of the house. He is given the choice
(2 points) 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 25-year mortgage at a rate of 6%, compounded monthly Find the monthly payment: $ (i) the total amount of interest paid: $ b) a 15-year mortgage at a rate of 6%, compounded monthly Find () The monthly payment: $ (i) the total amount of interest paid: $
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