MAP 4C Assignment - Mortgages I Name: 1. Billy & his family are buying a house for $230000. They pay 25% down and borrow the rest from the T.D. Bank in a mortgage loan amortized over 25 years at 5.85% compounded monthly. Determine their monthly mortgage payment and the total interest paid over the life of the loan. Down Payment = Mortgage Loan N 1 PV = PMT FV P/Y Regular Payment - Total Payout = Interest - b) Scotiabank offers Benny an interest rate of 5.1% compounded monthly over the life of the loan. How much interest can they save if they decide to get their mortgage from Scotiabank instead? N 1 PV PMT = FV P/Y C/Y Regular Payment - Total Payout - Interest