In terms of paying less in interest, which is more economical for a $120,000 mortgage: a 30-year fixed-rate at 8% or a 15-year fixed-rate at 7.5%? How much is saved in interest? Use the following formula to determine the regular payment amount. P PMT = -nt] 1- ... Determine which loan is more economical. Choose the correct answer below. The 30-year 8% loan is more economical. The 15-year 7.5% loan is more economical. The buyer will save in interest approximately $. (Do not round until the final answer. Then round to the nearest thousand dollars.)

In terms of paying less in interest, which is more economical for a $120,000 mortgage: a 30-year fixed-rate at 8% or a 15-year fixed-rate at 7.5%? How much is saved in interest? Use the following formula to determine the regular payment amount. P PMT = -nt] 1- ... Determine which loan is more economical. Choose the correct answer below. The 30-year 8% loan is more economical. The 15-year 7.5% loan is more economical. The buyer will save in interest approximately $. (Do not round until the final answer. Then round to the nearest thousand dollars.)

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 20E: Mortgage A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9%...

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