Compare the monthly payments and total loan costs for the following pairs of loan options....
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Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs.You need a $90,000 loan.Option 1: a 30-year loan at an APR of 7.65%.Option 2: a 15-year loan at an APR of 7.25%.Find the monthly payment for each option.The monthly payment for option 1 is $638.56.The monthly payment for option 2 is $ 821.58(Do not round until the final answer. Then round to the nearest cent as needed.)Find the total amount paid for each option.The total payment for option 1 is $The total payment for option 2 is $(Use the answers from the previous step. Round to the nearest cent as needed.)
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