You have two loan options, the first would be for $275,000 at an interest rate of 4.5%. The second option would be for one loan of $200,000 at 3.5% and another loan for $75,000 at 5%. All loans have 30 year terms and are fully amortizing. Which should you choose and how much lower is your total monthly payment than the other option

Please show all work in excel

a. 2nd option, $106 b. 2nd option, $93 c. 1st option, $93 d. 1st option, $403