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

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Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs You need a dollar 160,000 loan. Option 1: a 30-year loan at an APR of 9percentage. Option 2: a 15-year loan at an APR of 8.5percentage. Find the monthly payment for each option. The monthly payment for option 1 is S The monthly payment for option 1 is S

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