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- 1+ for a $150,000 mortgage: a 30-year fixed-rate at 8.5% or a 20-year fixed-rate at 8%? How much is saved in interest? Determine which loan is more economical. Choose the correct answer below. The 30-year 8.5% loan is more economical. O The 20-year 8% loan is more economical.

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