Solve the Problem $8 \%$ Option 2: a 15-Year Loan At $7 \%$

Multiple Choice

Solve the problem.
-You need a $95,921 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 $8 \%$
Option 2: a 15-year loan at $7 \%$

A) Option 1: $\$ 716.87$
Option 2: $\$ 900.42$

B) Option 1: $\$ 703.83$
Option 2: \$862.17

C) Option 1: $\$ 714.05$
Option 2: $\$ 891.03$

D) Option 1: $\$ 695.13$

Option 2: $\$ 836.60$