Question: 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

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 25-year mortgage at a rate of 6%. Find:

(i) The monthly payment: $ (3 decimal place)

(ii) The total amount of interest paid: $ (3 decimal place)

(B) a 15-year mortgage at a rate of 6%. Find:

(i) The monthly payment: $ (3 decimal place)

(ii) The total amount of interest paid: $ (3 decimal place)

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