Question: this is question 4 (3 points) Mr. Smith is purchasing a $140000 house. The down payment is 20 % of the price of the house.

this is question 4 this is question 4 (3 points) Mr. Smith is purchasing a $140000

(3 points) Mr. Smith is purchasing a $140000 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 7 %. Find () the monthly payment: $ (ii) the total amount of interest paid: $ b) a 15-year mortgage at a rate of 7 %. Find 6) The monthly payment: $ (ll) the total amount of interest paid: $

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