Mr. Smith is purchasing a $190000 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: $