So I have this problem and it keeps on telling me I have the wrong answer. Someone help.
Mr. Smith is purchasing a $100000 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% compounded monthly.
Find:
(i) The monthly payment:
(ii) The total amount of interest paid
(B) a 15-year mortgage at a rate of 8% compounded monthly.
Find:
(i) The monthly payment
(ii) The total amount of interest paid
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