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

$90,000

loan.

Option1: a30-year loan at an APR of

6.15%.

Option2: a15-year loan at an APR of

5.75%.

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.)