Solve the Problem $8 \%$ Option 2: a 15-Year Loan at 7

question 151

Multiple Choice

Solve the problem.
-You need a $87,168 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 $8 \%$
Option 2: a 15-year loan at 7.5\%

• A) Option 1: \(\$ 639.61\)
• Option 2: \(\$ 808.06\)
• B) Option 1: \(\$ 651.46\)
• Option 2: \(\$ 842.40\)
• C) Option 1: \(\$ 648.89\)
• Option 2: \(\$ 833.97\)
• D) Option 1: \(\$ 631.70\)
• Option 2: \$785.14

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Definitions:

Management Skills

The abilities and competencies that enable an individual to manage people, projects, and organizations effectively.

Self-Sabotage

Behavior or thought patterns that hinder personal success or the achievement of goals.

Procrastination

The action of delaying or postponing tasks, often leading to stress, anxiety, and lower productivity.

Hidden Benefits

Advantages or positive outcomes that are not immediately obvious or recognized, often revealing themselves over time or upon deeper analysis.