Mortgages-find the monthly payment

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Reference no: EM131891515

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 20-year mortgage at a rate of 8%. Find:

(i) The monthly payment: $

(ii) The total amount of interest paid: $

(B) a 15-year mortgage at a rate of 8%. Find:

(i) The monthly payment: $

(ii) The total amount of interest paid: $

(3 decimal place)

Reference no: EM131891515

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