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need help on all problems. thinking my calculations may be off PMT= AX APR [21+ APR yon ] | = 180.000 * E-46 Osus top
need help on all problems. thinking my calculations may be off
PMT= AX APR [21+ APR yon ] | = 180.000 * E-46 Osus top 4. Compare the monthly payment and total payment for the following pair of $180,000 loan options. Assume that both loans are fixed rate and have the same closing costs. Option 1: A 30-year loan at an APR of 4.65%. Option 2: A 15-year loan at an APR of 3.85% a. Find the monthly payment for Option 1. 180,000 00445 APR 41.65%-0.6445 n-12.30y5 [ PMT= 15230.65 180o = $ 780,40 33065 b. Find the monthly payment for Option 2. 160.000 APR-385% - 0.6395 APR PMT - AX 0035 n-12.5 [{1+ 4yar)17 - 180.com (tom PMT= 140.450.000 Find the total payment for Option 1 30yrs. 12. 230-45 183,034 YES d. Find the total payment for Option 2. 154cs. vamo. 740.45 - 3133,251 16 e. Describe a situation where Option 1 would be the better choice for someone f. Describe a situation where Option 2 would be the better choice for someone. 8. Calculate the appropriate values to fill in the table Option 1 Option 2 Percent of Total Payment that went toward the principal Percent of Total Payment that went toward interest Step by Step Solution
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