A to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical nt Use PMT= HT for a $210,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? Select the correct choice below and fill in the answer box within your choice. (Do not round until the final answer. Then round to the nearest thousand dollars.) OA. The 20-year 6.5% loan is more economical. The buyer will save approximately $ B. The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. in interest.

A to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical nt Use PMT= HT for a $210,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? Select the correct choice below and fill in the answer box within your choice. (Do not round until the final answer. Then round to the nearest thousand dollars.) OA. The 20-year 6.5% loan is more economical. The buyer will save approximately $ B. The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. in interest.

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...

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