Compare the monthly payments and total loan costs for thefollowing pairs of loan options. Assume that both loans are fixedrate and have the same closing costs.
You need a $80,000 loan.
Option? 1: a? 30-year loan at an APR of7.15%
Option? 2: a? 15-year loan at an APR of6.75%
Find the monthly payment for each option.
The monthly payment for option 1 is $___
The monthly payment for option 2 is $___
Find the total amount paid for each option.
The total payment for option 1 is $_____
The total payment for option 2 is $___?(Use the answersfrom the previous step. Round to the nearest cent as?needed.)
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