Use PMT to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical for a $250,000 mortgage: a 30-year fixed rate at 9.5% or a 20-year foced-rate at 9%?
How much is saved in interest? Determine which loan is more economical. Choose the correct answer below. 11 The 30-year 9.5% loan is more economical The 20-year 9% loan is more economical. 04 The buyer will save approximately in interest. (Do not found until the final answer. Then round to the nearest thousand dollars.)
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