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 $100.000 loan Option 1 a 30-year loan at an APR of 10% Option 2 a 15 year loan at an APR of 9.5%. Find the monthly payment for each option The monthly payment for option 1 is 5 The monthly payment for option 2 is S (Do not found until the final answer. Then round to the nearest cont as needed) Find the total amount paid for each option The total payment for option 1 is The total payment for option in Use the answers from the previous step to find this answer Round to the nearest cant as needed) Compare the two options which appears to be the better option? Option 2 is the better option, but only the borrower conto the higher monthly payments over the entire with on B. Option 2 will always be the better option Clic
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