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% with closing costs of $1194 and no pointsChoice 2: 20-year fixed rate at 3.5% with closing costs of $1194 and 2 points
A. Choice 1: $421.10; $1194
Choice 2: $586.19; $2388
B. Choice 1: $605.98; $1194
Choice 2: $449.04; $2944
C. Choice 1: $543.49; $1194
Choice 2: $474.36; $2994
D. Choice 1: $477.42; $1194
Choice 2: $579.96; $3194
Answer: D
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