Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that

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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 $50,000 loan.

Option1: a30-year loan at an APR of 8.15%.

Option2: a15-year loan at an APR of 7.75%.

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.)

Posted Date: May 21, 2024 06:06 AM

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Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that

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