1.) 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 $130,000 loan. Option 1: a 30-year loan at an APR of 7.5%. Option 2: a 15-year loan at an APR of 7%. 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.) 2.) Suppose you have a student loan of $45,000 with an APR of 12% for 20 years. Complete parts (a) through (c) below. a. What are your required monthly payments? The required monthly payment is $ nothing . (Do not round until the final answer. Then round to the nearest cent as needed.) 3.) You have a choice between a 30-year fixed rate loan at 3.5% and an adjustable rate mortgage (ARM) with a first year rate of 2%. Neglecting compounding and changes in principal, estimate your monthly savings with the ARM during the first year on a $250,000 loan. Suppose that the ARM rate rises to 8.5% at the start of the third year. Approximately how much extra will you then be paying over what you would have paid if you had taken the fixed rate loan? What is the approximate monthly savings with the ARM during the first year? $ nothing (Round to the nearest dollar as needed.)