Solve the Problem $7.15 \%$ Option 2: a 15-Year Loan At $6.75 \%$

question 261

Multiple Choice

Solve the problem.
-You need a $140,204 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 $7.15 \%$
Option 2: a 15-year loan at $6.75 \%$

• A) Option 1: \(\$ 963.18\)
• Option 2: \(\$ 1283.11\)
• B) Option 1: \(\$ 932.99\)
• Option 2: \(\$ 1203.06\)
• C) Option 1: \(\$ 946.95\)
• Option 2: \(\$ 1240.68\)
• D) Option 1: \(\$ 967.64\)
• Option 2: \(\$ 1296.91\)

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