You need a loan of $100,000 to buy a condo. Calculate your monthly payments and total closing costs for each choice.Choice 1: 30-year fixed rate at 4.25% with closing costs of $1261 and 1 pointsChoice 2: 20-year fixed rate at 3.75% with closing costs of $1261 and 3 points
A. Choice 1: $497.36; $2261
Choice 2: $602.49; $4261
B. Choice 1: $491.94; $2261
Choice 2: $592.89; $4261
C. Choice 1: $481.74; $2261
Choice 2: $542.26; $1261
D. Choice 1: $501.43; $3061
Choice 2: $463.16; $5061
Answer: B
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