You plan to buy a $$240000$ home with a $10\%$ down payment. The bank you want to finance

the purchase suggests two options $($use semiannual compounding$)$:

Option $1$:$20-$year mortgage at $9\mathrm{.}29\%$ nominal annual interest rate.

Option $2$:$30-$year mortgage at $10\mathrm{.}16\%$ nominal annual interest rate.

What is the equivalent monthly interest rate for each option?

Equivalent monthly interest rate Option $1$:

$\%$

Equivalent monthly interest rate Option $2$:

What is the monthly payment of each option?

Monthly payment Option $1$: $

Monthly payment Option $2$: $