Mr. Smith is purchasing a $ 110000 house. The down payment is 20 % of...
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Accounting
Mr. Smith is purchasing a $ 110000 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 10 %. Find:
(i) the monthly payment: $ (ii) the total amount of interest paid: $
b) a 15-year mortgage at a rate of 10 %. Find (i) The monthly payment: $ (ii) the total amount of interest paid: $
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