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Part 1 Compare the monthly payment and total payment for the following pairs of loan options. Assume that both loans are fixed rate and have

Part 1

Compare the monthly payment and total payment for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs.

You need a $190,000 loan.

Option 1: a 30-year loan at an APR of 7.5%.

Option 2: a 15-year loan at an APR of 6.5%

Part 2

Find the monthly payment for each option.

The monthly payment for option 1 is

The monthly payment for option 2 is

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