Question $1($Mandatory$)(5$ points$)$

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Solve the problem.

In terms of paying less in interest over the full term of the mortgage, which is more economical for a mortgage : $25-$year fixed at $8\mathrm{.}00\%$ or $15-$year fixed at $7\mathrm{.}50\%?$

Question $1$ options:

The $25-$year fixed rate at at $8\mathrm{.}00\%$ is more economical.

They are the same.

The $15-$year fixed rate at at $7\mathrm{.}50\%$ is more economical.