Question: Problem 6. (1 point) Mr. Smith is purchasing a $ 160000 house. The down payment is 20 % of the price of the house. He

 Problem 6. (1 point) Mr. Smith is purchasing a $ 160000

Problem 6. (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 30-year mortgage at a rate of 6 %. Find (i) the monthly payment: $ (ii) the total amount of interest paid: $ b) a 15-year mortgage at a rate of 6 %. Find (i) The monthly payment: $ (ii) the total amount of interest paid: $ Answer(s) submitted. his

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