You Need a Loan of $100,000 to Buy a Condo $4 \%$

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 $4 \%$ with closing costs of $\$ 1323$ and no points Choice 2: 20-year fixed rate at $3.5 \%$ with closing costs of $\$ 1323$ and 2 points

A) Choice 1: $\$ 543.49 ; \$ 1323$
Choice 2: $\$ 474.36 ; \$ 3123$

B) Choice 1: $\$ 605.98 ; \$ 1323$
Choice 2: $\$ 449.04 ; \$ 3073$

C) Choice 1: $\$ 477.42 ; \$ 1323$
Choice 2: \$579.96; \$3323

D) Choice 1: $\$ 421.10 ; \$ 1323$
Choice 2: $\$ 586.19$ ; \$2646