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In two seperate problems, can you show me how to do these? (1 point) Mr. Smith is purchasing a $170000 house. The down payment is
In two seperate problems, can you show me how to do these?
(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 25-year mortgage at a rate of 6%. Find (i) the monthly payment: \$ (ii) the total amount of interest paid: \$ b) a 15-year mortgage at a rate of 6%. Find (i) The monthly payment: \$ (ii) the total amount of interest paid: \$ (1 point) A couple has decided to purchase a $180000 house using a down payment of $15000. They can amortize the balance at 5% over 20 years. a) What is their monthly payment? Payment =$ b) What is the total interest paid? Total interest paid =$ c) What is the equity after 5 years? Equity after 5 years =$ d) What is the equity after 15 years? Equity after 15 years =$Step by Step Solution
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