O In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a 15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular payment amount. PMT= (9) -nt] Determine which loan is more economical. Choose the correct answer below. The 30-year 9% loan is more economical. The 15-year 8.5% loan is more economical. a The buyer will save in interest approximately $. (Do not round until the final answer. Then round to the nearest thousand dollars.) 37 63°F Clear (8)
O In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a 15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular payment amount. PMT= (9) -nt] Determine which loan is more economical. Choose the correct answer below. The 30-year 9% loan is more economical. The 15-year 8.5% loan is more economical. a The buyer will save in interest approximately $. (Do not round until the final answer. Then round to the nearest thousand dollars.) 37 63°F Clear (8)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
6: Answer this question
![In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a
15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular
payment amount.
P
n
1-91
+
PMT=
nt
www
Determine which loan is more economical. Choose the correct answer below.
The 30-year 9% loan is more economical.
The 15-year 8.5% 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.)
63°F Clear
<](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6030cbbc-dba6-4cc4-b2c7-5d66af95ec0b%2Ff7645a42-b3a5-4d04-836c-d9615f5f7b71%2F9kfb9ml_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a
15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular
payment amount.
P
n
1-91
+
PMT=
nt
www
Determine which loan is more economical. Choose the correct answer below.
The 30-year 9% loan is more economical.
The 15-year 8.5% 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.)
63°F Clear
<
![In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a
15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular
payment amount.
PMT=
C
1
PA
-nt
Determine which loan is more economical. Choose the correct answer below.
a
The 30-year 9% loan is more economical.
The 15-year 8.5% 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.)
...
C
63°F Clear
(2)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6030cbbc-dba6-4cc4-b2c7-5d66af95ec0b%2Ff7645a42-b3a5-4d04-836c-d9615f5f7b71%2Fqidabwe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In terms of paying less in interest, which is more economical for a $110,000 mortgage: a 30-year fixed-rate at 9% or a
15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular
payment amount.
PMT=
C
1
PA
-nt
Determine which loan is more economical. Choose the correct answer below.
a
The 30-year 9% loan is more economical.
The 15-year 8.5% 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.)
...
C
63°F Clear
(2)
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