(8 points) Juan is purchasing a $130000 house. The down payment is 15% of the price of the house.
He is given the choice of two mortgages:
(Express all answers rounded correctly to the nearest cent!)
a) a 25-year mortgage at a rate of 6.95%.
Find
() the monthly payment: $
(ii) the total amount of interest paid: $
b) a 15-year mortgage at a rate of 6.95%.
Find
(The monthly payment: $
(ii) the total amount of interest paid: $
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