Question: Use PMT = +7 to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more

Use PMT = +7 to determine the regular payment amount, rounded

Use PMT = +7 to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical for a $240,000 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. O 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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