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In terms of paying less in interest, which is more economical for a $80,000 mortgage: a 30-year fixed-rate at 8.5% or a 15-year fixed-rate at 8%? How much is saved in interest? Use the following formula to determine the regular payment amount. D PMT= PA -nt7 ... Determine which loan is more economical. Choose the correct answer below. The 30-year 8.5% loan is more economical. The 15-year 8% loan is more economical.

In terms of paying less in interest, which is more economical for a $80,000 mortgage: a 30-year fixed-rate at 8.5% or a 15-year fixed-rate at 8%? How much is saved in interest? Use the following formula to determine the regular payment amount. D PMT= PA -nt7 ... Determine which loan is more economical. Choose the correct answer below. The 30-year 8.5% loan is more economical. The 15-year 8% loan is more economical.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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In terms of paying less in interest, which is more economical for a $80,000 mortgage: a 30-year fixed-rate at 8.5% or a 15-year fixed-rate at 8%? How much is saved in interest? Use the following formula to determine the regular payment amount. O PMT= P PA [₁- (₁ + 1 Determine which loan is more economical. Choose the correct answer below. - nt7 The 30-year 8.5% loan is more economical. The 15-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.) a h SHO 80°F Clear dx 1:02 AM 9/22/2022
Transcribed Image Text:In terms of paying less in interest, which is more economical for a $80,000 mortgage: a 30-year fixed-rate at 8.5% or a 15-year fixed-rate at 8%? How much is saved in interest? Use the following formula to determine the regular payment amount. O PMT= P PA [₁- (₁ + 1 Determine which loan is more economical. Choose the correct answer below. - nt7 The 30-year 8.5% loan is more economical. The 15-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.) a h SHO 80°F Clear dx 1:02 AM 9/22/2022
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