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Math · Advanced Math
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Compare the monthly payments and total loan costs You need a $60,000 loan for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs 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 morthly payment for each option 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 cent as needed ) Find the total amount paid for each option The total payment for opton 1 is The total payment for option 2 is (Jse the answers from the previous step Round to the nearest cent as needed the two options to determine which is the better ecoomic option Which appears to be the better option A Option 1 is the bether option, but only if the borrower needs the lower morithly payment B.Option 2 witl sways be the better option C. Option 2 1 3 beer option,buonty Ithe borower can affors the higher montly paymernts ove the entie sorm of the a D Option 1 will always be the better option
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