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 $170 comma 000 loan. Option 1: a 30-year loan at an APR of 7%. Option 2: a 15-year loan at an APR of 6.5%. Find the monthly payment for each option. The monthly payment for option 1 is $ nothing. The monthly payment for option 2 is $ nothing. (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 $ nothing. The total payment for option 2 is $ nothing. (Use the answers from the previous step to find this answer. Round to the nearest cent as needed.) Compare the two options. Which appears to be the better option? A. Option 2 will always be the better option B. Option 1 is the better option, but only if the borrower plans to stay in the same home for the entire term of the loan. C. Option 2 is the better option, but only if the borrower can afford the higher monthly payments over the entire term of the loan. D. Option 1 will always be the better option.
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Compare the monthly payments and total loan costs for the following pairs of loan options. Assume...
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 $50,000 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 $ The monthly payment for option 2 is $ (Do not round until...
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 $180,000 loan. Option 1: a 30-year loan at an APR of 8.5% Option 2 a 15-year loan at an APR of 8%. Find the monthly payment for each option. The monthly payment for option 1 is $ 1,384.04 The monthly payment for option 2 is $ 1,720.17 (Do not...
Compare the monthly payments and total loan costs for the following pairs of loan optiones. Assume that both loanes are fixed rate and have the same cloning co You need a $90,000 loan. Option 1: a 30year loan at an APR of 560%. Option 2, a 15-year loan at an APR of 5253%. Find the monthly payment for each option The monthly payment for option 1 is The monthly payment for option 2 is $ (Do not round until the...
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 $30,000 loan. Option 1 : a 30-year loan at an APR of 5.65%. Option 2: a 15-year loan at an APR of 5.25%. Find the monthly payment for each option The monthly payment for option 1 is S The monthly payment for option 2 is $ (Do not round...
-both loans afe fixed rate and have the same closing costs Compare the monthly payments and total loan costs for the following pairs of loan options You need a $30,000 loan. Option 1: a 30-year loan at an APR of 6.65%. Option 2: a 15-year loan at an APR of 6.25%. The monthly payment for option 1 is $ . The monthly payment for option 2 is $|| (Do not round until the final answer. Then round to the nearest...
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 You need a $190,000 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 $ The monthly payment for option 2 is S (Do not round until the...
Can you help me with this question? 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 $40,000 loan. Option 1: a 30-year loan at an APR of 8.15%. Option 2: a 15-year loan at an APR of 7.75% Find the monthly payment for each option. The monthly payment for option 1 is $ . The monthly payment for...
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 $ 60,000 loan. Option 1: a 30-year loan at an APR of 6.15% Option 2: a 15-year loan at an APR of 5.75%. 1-The monthly payment for option 1 is: 2- the monthly payment for option 2 is: 3- loan cost for option 1 is: 4- loan coast for...
Compare the monthly payments and total loan costs for the following pairs of loan aplions. Assume that both loans are fed rate and have the same closing costs You need a $170 000 loan Option 1 a 30 year loan at an APR of 7% Option 2 a 15 year loan at an APR 65% Find the monthly payment for each option The monthly payment for option is The monthly payment for option is (Do not found the final answer...
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 $30 comma 000 loan. Option 1: a 30-year loan at an APR of 6.15%. Option 2: a 15-year loan at an APR of 5.75%. Find the monthly payment for each option. The monthly payment for option 1 is $ . The monthly payment for option 2 is $ .