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Reus Deplayed Submitted Answers Correct Answers incorrectly Answered Questions O out of points Question 1 Loan terms: $240,000, monthly payments, 8 percent interest rate, 10-year period. What are the monthly payments for a partially amortized loan (PA) with amortization period of 15 years, a fully amortized toan (PA), and an interest-paily loan (10) Selected Answer Correct Answers c $2,911 86 for PA: $2,293.57 for FA: S1,600.00 for 10 $2.911.86 for FA: 52.293.57 for PA: $1,600.00 for 10 Question 2 o out of points You are offered three possible fully amortized mortgages to secure a $200,000 loan 3-Option fra 15 year 5 percent fixed rate mortgage with monthly payments, Option 2. a 30-year 6 percent fired rute mortgage with monthly payments, Option 3 a 30year 6 percent fixed rate mortgage with monthly payments where you are also to pay extra $400 every month above the required amount of the monthly payment toward the principal reduction If your goal is to minimize the amount of dollars spent on INTEREST over the term of the mortgage, which financing option should you choose? Selected Answers on Option 2 Correct Answer Option 1 SA