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You need a loan of $155,000 to buy a home. Calculate your monthly payments and...

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Basic Math

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You need a loan of $155,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices.Choice 1: 15-year fixed rate at 5% with closing costs of $2400 and no points.Choice 2: 15-year fixed rate at 4.5% with closing costs of $2400 and 4 points.What is the monthly payment for choice 1?$1,225.73(Do not round until the final answer. Then round to the nearest cent as needed.)What is the monthly payment for choice 2?$1,185.74(Do not round until the final answer. Then round to the nearest cent as needed.)What is the total closing cost for choice 1?

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