UCW is considering financing $3.5 million dollars to purchase a new campus building for their expanding Master in Finance program. They are evaluating two mortgage term options: 25 years and 30 years. The fixed-rate mortgage offers a 25-year term with an interest rate of 3.75% and a 30-year term with an 3.55%. What is the month payment for each option?

Question 4 options:

25 years, $19,994.59; 30 years, $16,814,41

25 years, $19,994.59; 30 years, $15,814,41

25 years, $17,994.59; 30 years, $15,814,41

25 years, $17,994.59; 30 years, $16,814,41