Q, at rest you burn about 50% fat. At close to 100% intensity, you burn almost all carbs. But, at a low cardio intensity, the ratio might be 20% fat. So yes, you burn more fat as a ratio at a slower pace, but you burn fewer calories per hour. The longer you go, the less carbs to burn, more fat is burned. Of course, this is the point where you feel like you cannot do anymore. If you have ever done an hour of cardio at a medium to high level of intensity, you know when your carbs get low and you burn more and more fat. You simply cannot keep up the pace.
So end result is, calories in, calories out. burn more calories than you take in, and you will lose weight.
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