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Compare the monthly payments and total loan cost for the following pairs of loan options. Assume that both loans are fixed rate and have the

Compare the monthly payments and total loan cost for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $1400 loan. Option 1: a 30 year loan at an APR of 9%. Option 2: a 15-year loan at an APR of 8.5%. Find the monthly payment for each option

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