Tepileuestion #2 - Choose any house (in Alberta) that you would like to purchase (MLS or another realty service). Max purchase price $750,000. Also assume that you have a 20% deposit to put down on the purchase of the home. Calculate your monthly mtg payments, based upon a 20yr amortization, using a posted mtg rate from one of the 5 major banks. Then calculate the amount of interest paid over the length of the mortgage. Compare this answer (monthly payment & interest paid) to a 12 yr Amortization. Discuss your findings and indicate which of the two options you are most likely to choose and why