Mr. Smith is purchasing a $ 200000 house. The down payment is 20 % of the price of the house. He is given the choice of two mortgages: a) a 20-year mortgage at a rate of 10 %. Find (i) the monthly payment: $ (ii) the total amount of interest paid: $ b) a 15-year mortgage at a rate of 10 %.

Find (i) The monthly payment: $ (ii) the total amount of interest paid: $