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Math · Advanced Math
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Compare the monthly payments and total loan oosts for the following pars of loan opions. Assume that both loans are fixed rate and have the same dosing costs. You need a $160,000 loan Option 1: a 30year loan at an APR of 8.5%. Option 2: a 15year loan at an APR of 8% Find the morthly payment for each option. The monthly paryment for option 1 is The monthly payment for option 2 is Do not round unti 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 S The total payment for option 2 isS (Use the answers from the previous step to ind this answer Round to the nearest cent as needed) Compare the two options. Which appears to be the better option? O A Option 1 will always be the better option B Option 1 is the beter option, but only if the borrower plans to stay in the same home for the entire serm of the loan. C. Option 2 will always be the better option OD, Option 2 istho better option, but only if the borrower can aford higher mothy payments over ho entire termofthe loan
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