+ -/2 points TanFin11 5.3.046. My Notes Olivia plans to secure a 5-year balloon mortgage of $260,000 toward the purchase of a condominium. Her monthly payment for the 5 years is calculated on the basis of a 30-year conventional mortgage at the rate of 5%/year compounded monthly. At the end of the 5 years, Olivia is required to pay the balance owed (the "balloon" payment). What will be her monthly payment for the first 5 years, and what will be her balloon payment? (Round your answers to the nearest cent.) monthly payment $ balloon payment $ Need Help? Read It Talk to a Tutor + -/3 points TanFin11 5.3.054. My Notes The Martinezes are planning to refinance their home. The outstanding balance on their original loan is $200,000. 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 2.5%/year compounded monthly, payable over a 25-year period in 300 equal monthly installments. Option B: A fixed-rate mortgage at an interest rate of 2.25%/year compounded monthly, payable over a 15-year period in 180 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 15-year mortgage instead of the 25-year mortgage