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Use to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical for a

Use to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical for a $160,000 mortgage 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.
The 20-year 7.5% loan is more economical.
The 30-year 8% loan is more economical.
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