Question

the monthly payment for option 1 is $1,579.63the monthly payment option for 2 is $1,879.60

Answer 1

Use the next formula:

$TA=P(\frac{r(1+r)^n}{(1+r)^n-1})*nt$

P is the principal

r is teh ARP (indecimal form)

n number of payments per year

t number of years

Assume a monthly payment: