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Use PMT = P ( r n ) [ 1 - ( 1 + r n ) - n t ] to determine the regular
Use PMT to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical for a $ mortgage: a year fixedrate at or a year fixedrate at How much is saved in interest?
Select the correct choice below and fill in the answer box within your choice.
Do not round until the final answer. Then round to the nearest thousand dollars.
A The year loan is more economical. The buyer will save approximately $ in interest.
B The year loan is more economical. The buyer will save approximately $ in interest.
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