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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 10%
Option 2: a 15-year loan at an APR of 9.5%

Find the monthly payment for each option.
The monthly payment for option 1 is $___
The monthly payment for option 2 is $___

Sagot :

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