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 $80,000 loan. Option 1: a 30-year loan at an APR of7.15%. Option 2: a 15-year loan at an APR of 6.75%. 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 as needed.)