Homework Help is Here – Start Your Trial Now!
Math
Algebra
In terms of paying less in interest, which is more economical for a $120,000 mortgage: a 30-year fixed-rate at 9.5% or a 15-year fixed-rate at 9% ? How much is saved in interest? Use the following formula to determine the regular payment amount. [-] IIB 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 30-year 9.5% loan is more economical. The buyer will save approximately $ OB. The 15-year 9% loan is more economical. The buyer will save approximately $ in interest. in interest. PMT=

In terms of paying less in interest, which is more economical for a $120,000 mortgage: a 30-year fixed-rate at 9.5% or a 15-year fixed-rate at 9% ? How much is saved in interest? Use the following formula to determine the regular payment amount. [-] IIB 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 30-year 9.5% loan is more economical. The buyer will save approximately $ OB. The 15-year 9% loan is more economical. The buyer will save approximately $ in interest. in interest. PMT=

College Algebra
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 19E
See similar textbooks
icon
Related questions
Question
s more economical for a $120,000 mortgage: a 30-year fixed-rate at 9.5% or a 15-year fixed-rate at 9% ? How much is saved in interest? Use the following formula to determine the regular payment in interest. in interest. In terms of paying less in interest, which amount. PMT= [-(₁9)] 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 30-year 9.5% loan is more economical. The buyer will save approximately $ OB. The 15-year 9% loan is more economical. The buyer will save approximately $
Transcribed Image Text:s more economical for a $120,000 mortgage: a 30-year fixed-rate at 9.5% or a 15-year fixed-rate at 9% ? How much is saved in interest? Use the following formula to determine the regular payment in interest. in interest. In terms of paying less in interest, which amount. PMT= [-(₁9)] 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 30-year 9.5% loan is more economical. The buyer will save approximately $ OB. The 15-year 9% loan is more economical. The buyer will save approximately $
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS