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Compare the monthly payments and total loan costs for the following pairs of loan options. Assume...

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Basic Math

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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