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 4.5% with closing costs of $1341 and no pointsChoice 2: 20-year fixed rate at 4% with closing costs of $1341 and 4 points
A. Choice 1: $506.69; $1341
Choice 2: $605.98; $5341
B. Choice 1: $516.61; $1341
Choice 2: $615.99; $2682
C. Choice 1: $510.04; $1341
Choice 2: $609.07; $5091
D. Choice 1: $496.67; $1341
Choice 2: $595.94; $5141
Answer: A
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