Suppose that on January 1 you have a balance of 54200 on a credit card whose APR is 13% which you want to pay of in 1 year Assume that you make no additional charges to the card after January 1 a. Calculate your monthly payments b. When the card is paid of how much will you have paid since January 1? c What percentage of your total payment from part(b) is interest a The monthly payment is Do not found until the final answer then found to the nearest cent as needed.) 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 $170,000 loan Option 1: a 30-year loan at an APR of 9.5% Option 2: a 15-year loan at an APR of 9% 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.) You need a loan of S165,000 to buy a home Calculate your monthly payments and total closing costs for each choice below Briefly discuss how you would decide between the two choices Choice 1: 20-year foredrate at 5% with closing costs of $2400 and no points Choice 2. 20-year foced rate at 45% with closing costs of $2400 and 2 points What is the monthly payment for choice 1? SET (Do not round unto the final answer. Then round to the nearest cant as needed)