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 $ 60,000 loan.

Option 1: a 30-year loan at an APR of 6.15%

Option 2: a 15-year loan at an APR of 5.75%.

1-The monthly payment for option 1 is:

2- the monthly payment for option 2 is:

3- loan cost for option 1 is:

4- loan coast for option 2 is:

5- which loan option is the best: