Mr. Smith is purchasing a $ 200000 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 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: $

Your overall score for this problem is