Question: (1 point) Mr. Smith is purchasing a $ 160000 house. The down payment is 20 % of the price of the house. He is given

(1 point) Mr. Smith is purchasing a $ 160000 house. The

(1 point) Mr. Smith is purchasing a $ 160000 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 8 %. Find () the monthly payment: $ 106470 (ii) the total amount of interest paid: $ 127528 b) a 15-year mortgage at a rate of 8 %. Find ) The monthly payment: $1217.33 (ii) the total amount of interest paid: $ 91119.47

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