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

question 176

Multiple Choice

Solve the problem.
-You need a $95,921 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 $7 \%$

• A) Option 1: \(\$ 716.87\)
• Option 2: \(\$ 900.42\)
• B) Option 1: \(\$ 703.83\)
• Option 2: \$862.17
• C) Option 1: \(\$ 714.05\)
• Option 2: \(\$ 891.03\)
• D) Option 1: \(\$ 695.13\)
• Option 2: \(\$ 836.60\)

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