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| Teaching Since: | Apr 2017 |
| Last Sign in: | 331 Weeks Ago |
| Questions Answered: | 12843 |
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MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
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 ​$140,000 loan. Option​ 1: a​ 30-year loan at an APR of 8​%. Option​ 2: a​ 15-year loan at an APR of 7.5​%.
The monthly payment for option 1 is $___________
The monthly payment for option 2 is $__________
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