Use PMT = to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical - nt 1- for a $220,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? ..... Determine which loan is more economical. Choose the correct answer below. O The 20-year 6.5% loan is more economical. O The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. (Do not round until the final answer. Then round to the nearest thousand dollars.)

Use PMT = to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical - nt 1- for a $220,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? ..... Determine which loan is more economical. Choose the correct answer below. O The 20-year 6.5% loan is more economical. O The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. (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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