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.

You need a $180, 00

Option1: a30-year loan at an APR of 10%

Option2: a15-year loan at an APR of 9%

Find the monthly payment for each option.

The monthly payment for option 1 is $

The monthly payment for option 2 is $

(Do not round until the final answer. Then round to the nearest cent asneeded.)

Find the total payment for each option.

The total payment for option 1 is $

The total payment for option 2 is $

(Round to the nearest cent asneeded.)