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 $$$$160$ comma $000$ loan.

Option$1$: a$30-$year loan at an APR of $9\%.$

Option$2$: a$15-$year loan at an APR of $8\mathrm{.}5\%.$

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Part $1$

Find the monthly payment for each option.

The monthly payment for option $1$ is $$$

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The monthly payment for option $2$ is $$$

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