Use PMT P LIE 1 1 nt to determine the regular payment amount rounded to...
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Use PMT P LIE 1 1 nt to determine the regular payment amount rounded to the nearest dollar The price of a small cabin is 30 000 The bank requires a 5 down payment The buyer is offered two mortgage options 20 year fixed at 7 5 or 30 year fixed at 7 5 Calculate the amount of interest paid for each option How much does the buyer save in interest with the 20 year option Find the monthly payment for the 20 year option Round to the nearest dollar as needed GUILLER
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