In terms of paying less in interest, which is more economical for a $60,000 mortgage: a 30-year fixed-rate at 9% or a 15-year fixed-rate at 8.5%? How much is saved in interest? Use the following formula to determine the regular payment amount. P n PMT= -nt 1- + Determine which loan is more economical. Choose the correct answer below. O The 15-year 8.5% loan is more economical. The 30-year 9% loan is more economical. The buyer will save in interest approximately $ (Do not round until the final answer. Then round to the nearest thousand dollars.)