In terms of paying less in interest, which is more economical for a $120,000 mortgage: a 30-year fixed-rate at 8% or a 15-year fixed-rate at 7.5%? How much is saved in interest? Use the following formula to determine the regular payment amount. Determine which loan is more economical. Choose the correct answer below. The 15-year 7.5% loan is more economical. OR The 30-year 8% 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.)
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
In terms of paying less in interest, which is more economical for a $120,000 mortgage: a 30-year fixed-rate at 8% or a 15-year fixed-rate at 7.5%?
How much is saved in interest? Use the following formula to determine the regular payment amount.
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