Question

Attempt Results Entered Answer Preview Result 5012.234088 5012.234088 incorrect incorrect incorrect incorrect At least one of the answers above is NOT correct. 3 of the questions remain unanswered (1 point) Mr. Smith is purchasing a $ 170000 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 9 %. Find (0) the monthly payment: S5012.234088 () the total amount of interest paid: S b) a 15-year mortgage at a rate of 9 %. Find (1) The monthly payment: (ii) the total amount of interest paid: $

Answer 1

$ $257,944.40 -30 12 1094.29-170000 0.8 | |a)|i) |Monthly payment 1,094.29 -PMT( 9%/12.30° 12.-170000*0.8,0) 2) ii Total amount of interest paid 1,379.40 -PMT(9%/12,15*12-170000-0.3,0) 4 b) 5 i Monthly pavment Total amount of interest paid $ 112,292.00 -15 121379.4-170000 0.8