MORTGAGE EVALUATE TWO OPTIONS follow the directions and complete each section as stated. You will upload the completed problem to Blackboard. You have decided to purchase a home. The loan amount is $210,000 Option 1 The terms of the loan are as follows 30 year, fed rate with dosing costs of 54040.00 Option. The terms of the loan are as follows 30 yew, 15 feed rate with closing costs of $4040.00 fouedate with closing costs of $4940007 Step 1: Calculate your monthly payment for both options using the loan payment formula Show how you subute the values in the formula Step & What there was a third option of a 15-year Discuss the pros and cons of choosing this option PMT 1-1. APR Step : How much would you save per month by choosing the option with the lower monthly payment Step Birre the total dosing costs for option 2 How much more did you pay in closing cotto receive the lower interest rate? Itach point cost of the loan amount) Step 4: To figure how long it will take to recoup the extra costs, divide the extra cost by the saving month Convert your answer in terms of years and months MORTGAGE EVALUATE TWO OPTIONS follow the directions and complete each section as stated. You will upload the completed problem to Blackboard. You have decided to purchase a home. The loan amount is $210,000 Option 1 The terms of the loan are as follows 30 year, fed rate with dosing costs of 54040.00 Option. The terms of the loan are as follows 30 yew, 15 feed rate with closing costs of $4040.00 fouedate with closing costs of $4940007 Step 1: Calculate your monthly payment for both options using the loan payment formula Show how you subute the values in the formula Step & What there was a third option of a 15-year Discuss the pros and cons of choosing this option PMT 1-1. APR Step : How much would you save per month by choosing the option with the lower monthly payment Step Birre the total dosing costs for option 2 How much more did you pay in closing cotto receive the lower interest rate? Itach point cost of the loan amount) Step 4: To figure how long it will take to recoup the extra costs, divide the extra cost by the saving month Convert your answer in terms of years and months