You plan to buy a $220000 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 8.36% nominal annual interest rate. Option 2:30-year mortgage at 10.96% 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: $ %