Question: Mr. Smith is purchasing a $ 170000 house. The down payment is 20 % of the price of the house. He is given the choice

Mr. Smith is purchasing a $ 170000 house. The down payment

Mr. Smith is purchasing a $ 170000 house. The down payment is 20 % of the price of the house. He is given the choice of two mortgages: a) a 30-year mortgage at a rate of 9%. Find (i) the monthly payment: $0 (ii) the total amount of interest paid: $ 0 b) a 15-year mortgage at a rate of 9 %. Find (i) The monthly payment: $ 0 (ii) the total amount of interest paid: $ 0

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