Compare 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%.

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Author:Erwin Kreyszig
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  1. Compare 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% 

 

  1. Find the monthly payment for Option 1. 

 

 

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