You Need a Loan of $100,000 to Buy a Condo $4.25 \%$

Multiple Choice

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 $\$ 1137$ and 1 points Choice 2: 20-year fixed rate at $3.75 \%$ with closing costs of $\$ 1137$ and 3 points

A) Choice 1: $\$ 491.94 ; \$ 2137$
Choice 2: \$592.89; \$4137

B) Choice 1: $\$ 497.36$ ; \$2137
Choice 2: $\$ 602.49$ ; $\$ 4137$

C) Choice 1: $\$ 481.74 ; \$ 2137$
Choice 2: \$542.26; \$1137

D) Choice 1: $\$ 501.43 ; \$ 2937$

Choice 2: $\$ 463.16$ ; $\$ 4937$