37-40: Comparing Loan Options. Compare the monthly payment and total payment for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. Discuss the pros and cons of each loan. 37. You need a $400,000 loan. Option 1: a 30-year loan at an APR of 8% Option 2: a 15-year loan at an APR of 7.5% 38. You need a $150,000 loan. I Option 1: a 30-year loan at an APR of 8% Option 2: a 15-year loan at an APR of 7% D 44. Choice 1: 30-year fixed rate mortgage at 3.5% with closing costs of $1000 and no points Choice 2: 30-year fixed rate mortgage at 3% with closing costs of $1500 and 4 points instructions for #44 41-44: Closing Costs. Consider the following pairs of choices for a $120,000 mortgage loan. Calculate the monthly payment and total closing costs for each choice. Explain which loan you would choose and why