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: $

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