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 $$120,000$ loan.

Option $1$: a $30-$year loan at an APR of $7\%.$

: Option $2$: a $15-$year loan at an APR of $6\mathrm{.}5\%.$

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.$)$