Question: Use PMT = - |--1-4) ) to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which

Use PMT = - |--1-4) ") to determine the regular payment

Use PMT = - |--1-4) ") to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical for a $190,000 mortgage: a 30-year fixed-rate at 7% or a 20-year fixed-rate at 6.5%? How much is saved in interest? Determine which loan is more economical. Choose the correct answer below. The 20-year 6.5% loan is more economical. The 30-year 7% loan is more economical. The buyer will save approximately $(in interest. (Do not round until the final answer. Then round to the nearest thousand dollars.)

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