6: Answer this question In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regularpayment amount.Pn1-91+PMT=ntwwwDetermine which loan is more economical. Choose the correct answer below.The 30-year 9% loan is more economical.The 15-year 8.5% 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.)63°F Clear< In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regularpayment amount.PMT=C1PA-ntDetermine which loan is more economical. Choose the correct answer below.aThe 30-year 9% loan is more economical.The 15-year 8.5% 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.)...C63°F Clear(2)

As per the given information: Mortgage amount - $110,000Terms of paying interest::Option 1: a…

O In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a 15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular payment amount. PMT= (9) -nt] Determine which loan is more economical. Choose the correct answer below. The 30-year 9% loan is more economical. The 15-year 8.5% loan is more economical. a The buyer will save in interest approximately $. (Do not round until the final answer. Then round to the nearest thousand dollars.) 37 63°F Clear (8)

O In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a 15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular payment amount. PMT= (9) -nt] Determine which loan is more economical. Choose the correct answer below. The 30-year 9% loan is more economical. The 15-year 8.5% loan is more economical. a The buyer will save in interest approximately $. (Do not round until the final answer. Then round to the nearest thousand dollars.) 37 63°F Clear (8)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 14P

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