3. [0/0.09 Points] DETAILS PREVIOUS ANSWERS TANAPMATH7 4.3.054. 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 5.5%/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 5.25%/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 $ X option B $ x (b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 25-year mortgage? x # Show My Work (Optional)