Solve the Problem $7.25 \%$ Option 2: a 15-Year Loan At $6.8 \%$

question 200

Multiple Choice

Solve the problem.
-You need a $159,118 loan. Compute the monthly payment for each of the loan options listed below. Assume that the loans are fixed rate. Option 1: a 30 year-loan at an APR of $7.25 \%$
Option 2: a 15-year loan at $6.8 \%$

• A) Option 1: \(\$ 1069.79\)
• Option 2: \(\$ 1369.83\)
• B) Option 1: \(\$ 1103.71\)
• Option 2: \(\$ 1460.57\)
• C) Option 1: \(\$ 1085.47\)
• Option 2: \(\$ 1412.46\)
• D) Option 1: \(\$ 1108.73\)
• Option 2: \$1476.21

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