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Compare the monthly payment and total payment for the following pairs of loan options. Assume that both loans are foxed rate and have the same

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Compare the monthly payment and total payment for the following pairs of loan options. Assume that both loans are foxed rate and have the same closing costs. You need a $140,000 loan Option 1: a 30-year loan at an APR of 8% 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 The monthly payment for option 2 is 5 (Do not round until the final answer. Then round to the nearest cent as needed.)

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