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A to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical nt Use PMT= HT for a $210,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? 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 20-year 6.5% loan is more economical. The buyer will save approximately $ B. The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. in interest.

A to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical nt Use PMT= HT for a $210,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? 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 20-year 6.5% loan is more economical. The buyer will save approximately $ B. The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. in interest.

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 20E: Mortgage A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9%...
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A to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical nt Use PMT= HT for a $210,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? 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 20-year 6.5% loan is more economical. The buyer will save approximately $ B. The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. in interest.
Transcribed Image Text:A to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical nt Use PMT= HT for a $210,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? 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 20-year 6.5% loan is more economical. The buyer will save approximately $ B. The 30-year 7% loan is more economical. The buyer will save approximately $ in interest. in interest.
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