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 $210,000 mortgage: a 71-60- 90 30-year fixed-rate at 8% or a 20-year fixed-rate at 7.5%? How much is saved in interest? Determine which loan is more economical. Choose the correct answer below. O O The 30-year 8% loan is more economical. The 20-year 7.5% 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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