Posted by **Amber** on Thursday, November 8, 2012 at 8:00pm.

Mr. Smith is purchasing a $190000 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 8%.

Find:

(i) The monthly payment: $

(ii) The total amount of interest paid: $

(B) a 15-year mortgage at a rate of 8%.

Find:

(i) The monthly payment: $

(ii) The total amount of interest paid: $

## Answer this Question

## Related Questions

- math - Mr. Smith is purchasing a $190000 house. The down payment is 20% of the ...
- accounting - House mortgage You have just purchased a house and have obtained a...
- accounting - You have just purchased a house and have obtained a 30-year, $200,...
- Finance - Say that you purchase a house for $150,000 by getting a mortgage for...
- math - A lender gives you a choice between the following two 30-year mortgages ...
- math - Ever wonder how much a house “actually” costs? Consider Alex and Sabrina ...
- finance - You decide to buy a new home for $101000.00 at 7.5% interest rate. You...
- math - Scott and Jen are looking at a house listed for 189000 dollars. They will...
- public finance - Your annual income is $50,000. You want to take out a mortgage ...
- Math 12 - Danielle is buying a house that costs $275000. She will finance the ...

More Related Questions