Question: Mr. Smith is purchasing a $ 110000 house. The down payment is 20 % of the price of the house. He is given the choice

Mr. Smith is purchasing a $ 110000 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: $

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