Solve the Problem $8 \%$ Option 2: a 15-Year Loan at an APR Of

question 177

Multiple Choice

Solve the problem.
-Suppose that you need a loan of $120,000. Find the total cost of all the monthly payments for each of the loan options listed below. Assume that the loans are fixed rate. Round the total cost of each
Loan to the nearest dollar. Option 1: a 30-year loan at an APR of $8 \%$
Option 2: a 15-year loan at an APR of $7 \%$

• A) Option 1: \(\$ 309,981\)
• Option 2: \(\$ 187,135\)
• B) Option 1: \(\$ 316,987\)
• Option 2: \(\$ 194,146\)
• C) Option 1: \(\$ 245,608\)
• Option 2: \(\$ 186,056\)
• D) Option 1: \(\$ 321,909\)
• Option 2: \(\$ 198,185\)

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Definitions:

Hair Cell's Response

The reaction of specialized sensory cells in the inner ear that convert sound vibrations into neural signals which are then interpreted by the brain.

Activated Hair Cells

In the inner ear, these are sensory cells activated by sound vibrations which play a key role in transforming sound waves into electrical signals for the brain to interpret.

Sensorineural Hearing Loss

A type of hearing loss resulting from damage to the inner ear or the auditory nerve pathway, often leading to permanent hearing impairment.

Recognizing Speech

The process by which sounds are interpreted as speech, often referring to technology that can interpret human speech into textual form.