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 ​$30,000 loan. Option​ 1: a​ 30-year loan at an APR of 6.15​%. Option​ 2: a​ 15-year loan at an APR of 5.75​%.         Question content area bottom Part 1 Find the monthly payment for each option.   The monthly payment for option 1 is ​$enter your response here. The monthly payment for option 2 is ​$enter your response here. ​(Do not round until the final answer. Then round to the nearest cent as​ needed.) Part 2 Find the total amount paid for each option.   The total payment for option 1 is ​$enter your response here. The total payment for option 2 is ​$enter your response here. ​(Use the answers from the previous step. Round to the nearest cent as​ needed.) Part 3 Compare the two options to determine which is the better economic option. Which appears to be the better​ option?     A. Option 1 is the better​ option, but only if the borrower needs the lower monthly payment.   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.   C. Option 2 will always be the better option.   D. Option 1 will always be the better option.

Q: Tirade Owens, a professional athlete, currently has a contract that will pay him a large amount in…

A: GIVEN :-  Tirade Owens, a professional athlete, currently has a contract that will pay him a large…

Q: 4. Abe makes $18.50 per hour. He works 37 hours a week. He pays 23% of his gross earnings in federal…

A:

Q: You will be scheduled to work 40 hours during the March break. You can choose the method of payment…

A: Given that:Total hours is 40.Choice 1: Paid $15 per hour.Choice 2 :For the first hour pay $1, the…

Q: Compare the monthly payment and total payment for the following pairs of loan options. Assume that…

A:

Q: cost of a home is $175,000. The bank requires a 5% down payment and three points at closing. The…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: How much should they expect to pay in prepaid interest at the closing? Hint: 1. Count the number of…

A:

Q: The cost to purchase the house that Bainters are considering is $195,000 but the Bainters plan to…

A:

Q: You need a loan of ​$145,000 to buy a home. Calculate your monthly payments and total closing costs…

A: You need a loan of ​$145,000 to buy a home. Calculate your monthly payments and total closing costs…

Q: The cost to purchase the house that Bainters are considering is $195, 000, but the Bainters plan to…

A: Solution :-

Q: 30 years with a) 6 % compounded monthly with no point 1 b) 6– % compounded monthly with 1 point: 4.…

A: Solution

Q: Jody has been dreaming to purchase a car for $22,000 i. Calculate the monthly payment for the…

A:

Q: A house sells for $165,000 and a 15% down payment is made. A mortgage was secured at 4.7% for 30…

A:

Q: uses a usiness pen a secol nis counseling practice. He willrepay thle loan in 4 years at a fixed…

A: Given query is to the monthly installment.

Q: Bill and Kim Johnson are purchasing a house for $336,000. Their bank requires them to pay a 10% down…

A: To calculate the total amount, we need the following information:

Q: You win $38,000 in the state lottery to be paid in two installments: $19,000 now and $19,000 one…

A: Given that Total amount of lottery is $38¸000Installments are $19¸000 and $19¸000Rate of interest…

Q: Some trucks purchased by a U-Haul franchise should last 7 years. The purchase price was $183,000.…

A: Given that, the cost price = $5,000, the purchase price = $183,000  and salvage value = $23,000 .…

Q: You plan to purchase a house for $575,000

A: Given, you plan to purchase a house for $575,000 and you will make a 20% down payment. You are…

Q: Compare the monthly payment and total payment for the following pairs of loan options. Assume that…

A:

Q: An LCD televisition set is purchased with a down payment of $30,000 and $4,624.50 at the end of each…

A: Given that,   An LCD televisition set is purchased with a down payment of $30,000 and $4,624.50 at…

Q: Felix is purchasing a brownstone townhouse for $2,600,000. To obtain the mortgage, Felix is required…

A: Felix is purchasing a brownstone townhouse for $2,600,000. To obtain the mortgage, Felix is required…

Q: 10. You will be scheduled to work 40 hours during the March Break. You can choose the method of…

A: Given that: Total hours is 40. Choice 1: Paid $22 per hour. Choice 2:For the first hour paid $1, the…

Q: You take out a 7-yr car loan for $25,000 with a 7.5% APR. The fixed monthly payment is $383.46. How…

A:

Q: The cost to purchase the house that Bainters are considering is $195, 000, but the Bainters plan to…

A: Given that, The total cost of the house $195,000. Plan to make down payment $40,000. Time is 30…

Q: Frank bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $350…

A: Given :- Frank bought a desktop computer and a laptop computer . Before Finance charges, the laptop…

Q: Calculate the loan amount on a purchase having a cash price of $885,000 with a 13% down payment.…

A: Total cash price = $885,000 Down payment = 13%