Mortgages and Mortgage Tables Assignment For full marks, show your work NAME: /22 marks) 1) You take out a mortgage of $167 920 at an interest rate of 5.75%. You also have a choice between mortgaging your house over 15 years or 25 years. a) Determine the monthly mortgage payment and the total mortgage payment over 15 years (3) b) Determine the monthly mortgage payment and total mortgage payment over 25 years (3) c) Calculate the total amount of interest paid with the 15-year mortgage and 25-year mortgage. (2) d) Which amortization period is a better choice (15 or 25 years)? Based on your findings, what advice would you give a person looking to buy a home with regards to lengths of amortization periods? (2) NAME: 2) David purchased his home for $324, 900 and placed a 20% down payment. He borrowed the rest from the bank at a rate of 6.75% for 20 years. a) Calculate his monthly payments. (2) b) Complete the first 3 months of the following mortgage spreadsheet. Show your work in the space below. (10) Selling Price: Down Payment: Principal: Interest Rate: Amortization Period: Monthly Payment: Payment Payment Interest | Principal Unpaid Balance Owner's Equity Total