Solve the Problem $7.25 \%$ Option 2: a 15-Year Loan At $6.8 \%$

Multiple Choice

Solve the problem.
-You need a $159,118 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 $7.25 \%$
Option 2: a 15-year loan at $6.8 \%$

A) Option 1: $\$ 1069.79$
Option 2: $\$ 1369.83$

B) Option 1: $\$ 1103.71$
Option 2: $\$ 1460.57$

C) Option 1: $\$ 1085.47$
Option 2: $\$ 1412.46$

D) Option 1: $\$ 1108.73$

Option 2: \$1476.21