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Mr smith is purchasing a 160000 house the down payment is

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 25-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:

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Finance Basics: Mr smith is purchasing a 160000 house the down payment is

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Finance Basics: Mr smith is purchasing a 160000 house the down payment is

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