0/0.09 POINTS PREVIOUS ANSWERS TANAPMATH7 4.3.018. MY NOTES Suppose payments will be made for 8+ years at the end of each month from an ordinary annuity earning interest at the rate of 2.25%/year compounded monthly. If the present value of the annuity is $44,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.) # Show My Work (Optional) Submit Answer -/0.09 POINTS TANAPMATH7 4.3.054. MY NOTES The Martinezes are planning to refinance their home. The outstanding balance on their original loan is $125,000. Their finance company has offered them two options. (Assume there are no additional finance charges. Round your answers to the nearest cent.) Option A: A fixed-rate mortgage at an interest rate of 3.5%/year compounded monthly, payable over a 30-year period in 360 equal monthly installments. Option B: A fixed-rate mortgage at an interest rate of 3.25%/year compounded monthly, payable over a 12-year period in 144 equal monthly installments. (a) Find the monthly payment required to amortize each of these loans over the life of the loan. option A $ option B $ (b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 30-year mortgage