Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $110,000 loan. Option 1: a 30-year loan at an APR of 8.5%. Option 2: a 15-year loan at an APR of 8%. Find the monthly payment for each option. The monthly payment for option 1 is $ 845.80.
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- Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five years at 7 percent. Payments, which are made on a monthly basis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Elis monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method?Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $60,000 loan. Option 1: a 30-year loan at an APR of 7.65%. Option 2: a 15-year loan at an APR of 7.25%. ...... Find the monthly payment for each option. The monthly payment for option 1 is S The monthly payment for option 2 is S (Do not round until the final answer. Then round to the nearest cent as needed.)Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $110,000 loan. Option 1: a 30-year loan at an APR of 7%. Option 2: a 15-year loan at an APR of 6.5%. Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the total amount paid for each option. The total payment for option 1 is $ The total payment for option 2 is $ (Use the answers from the previous step to find this answer. Round to the nearest cent as needed.) Compare the two options. Which appears to be the better option? OA Option 2 will always be the better option B. Option 2 is the better option, but only if the borrower can afford the higher monthly payhents over the entire term of the loan. O C. Option 1 is the better option, but only if the borrower plans to…
- Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $60,000 loan. Option 1: a 30-year loan at an APR of 7.15%. Option 2: a 15-year loan at an APR of 6.75%. Find the monthly payment for each option.Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $110,000 loan. Option 1: a 30-year loan at an APR of 9%. Option 2: a 15-year loan at an APR of 8.5%. Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the total amount paid for each option. The total payment for option 1 is $ The total payment for option 2 is $ (Use the answers from the previous step to find this answer. Round to the nearest cent as needed.) Compare the two options. Which appears to be the better option? OA. Option 2 will always be the better option B. Option 2 is the better option, but only if the borrower can afford the higher monthly payments over the entire term of the loan. OC. Option 1 is the better option, but only if the borrower plans to…Compare the monthly payment and total payment for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $200,000 loan. Option 1: a 30-year loan at an APR of 8.5%. Option 2: a 15-year loan at an APR of 7.5%. Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the total payment for each option. The total payment for option 1 is $ The total payment for option 2 is $ (Round to the nearest cent as needed.)
- Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $110,000 loan. Option 1: a 30-year loan at an APR of 9%. Option 2: a 15-year loan at an APR of 8.5%. ... Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the total amount paid for each option. The total payment for option 1 is $ The total payment for option 2 is $ (Use the answers from the previous step to find this answer. Round to the nearest cent as needed.) Compare the two options. Which appears to be the better option? imum budgeted NextCompare the monthly payment and total payment for the following pair of $180,000 loan options. Assume that both loans are fixed rate and have the same closing costs. Option 1: A 30-year loan at an APR of 4.65%. Option 2: A 15-year loan at an APR of 3.85% Find the monthly payment for Option 2.Compare the monthly payment and total payment for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $130,000 loan. Option 1: a 30-year loan at an APR of 9%. Option 2: a 15-year loan at an APR of 8%. Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.) ...
- Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $170,000 loan. Option 1: a 30-year loan at an APR of 8.25% Option 2: a 15-year loan at an APR of 7.8% Find the monthly payment for each option. The monthly payment for option 1 is $ enter your response here. The monthly payment for option 2 is $ enter your response here. ( Do not round until the final answer. Then round to the nearest cent as needed.)K Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $110,000 loan. Option 1: a 30-year loan at an APR of 8.5%. Option 2: a 15-year loan at an APR of 8%. Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.)Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $160,000 loan. Option 1: a 30-year loan at an APR of 8%. Option 2: a 15-year loan at an APR of 7.5%. Question content area bottom Part 1 Find the monthly payment for each option. The monthly payment for option 1 is $enter your response here. The monthly payment for option 2 is $enter your response here. (Do not round until the final answer. Then round to the nearest cent as needed.)