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Compare the monthly payments and total loan costs for the following pairs of lown options. Aswume that both loans are frod rate and have the

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Compare the monthly payments and total loan costs for the following pairs of lown options. Aswume that both loans are frod rate and have the same ciosing coth. You need a 5110,000 loan. Option 1: a 30 -year foan at an APR of 9.5% Option 2: a 15 -year loan at an APR of 95 . Find the monthly payment for each option. The monthly payment for option 1 is 5 The monthly payment for option 2 is $ (Do not round until the final answer, Then round to the nearest cent as needed.)

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