Math quantitative literacy homework on mortgages calculations?

1. You need to borrow $12,000 to buy a car and you determine that you can afford monthly payments of $250. The bank offers three choices: a 3-year loan at 7 percent APR, a 4 year-loan at 7.5 percent APR, or a 5-year loan at 8 percent APR. Which loan best meets your needs?

2. Compare the monthly payments and total loans cost for the following pairs of loans options.Assume that both loans a re-fixed rate and have the same closing costs. Discuss the pros and cons of each loan.

You need a $200,000 loan.
Option 1: a 30- year loan at an APR of 8 percent
Option 2:a 15-year loan at 7.5 percent

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