chrismcabee04 chrismcabee04

12-06-2024
Mathematics

Answered

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Part 1
In terms of paying less in interest, which is more economical for a $90 comma 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.
PMT equals StartStartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis OverOver left bracket 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndEndFraction
Question content area bottom
Part 1
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.)
A.
The 30-year 8.5% loan is more economical. The buyer will save approximately $

enter your response here in interest.
B.
The 15-year 8% loan is more economical. The buyer will save approximately $

enter your response here in interest.

Answer :

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