Question: Use PMT equals StartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis Over left bracket 1 minus left parenthesis 1 plus StartFraction

Use PMT equals StartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis Over left bracket 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndFraction to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical for a $170 comma 000 mortgage: a 30-year fixed-rate at 8% or a 20-year fixed-rate at 7.5%? How much is saved in interest

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