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Consider the following pair of loan options for a $165,000 mortgage. Calculate the monthly payment...

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Accounting

Consider the following pair of loan options for a $165,000 mortgage. Calculate the monthly payment and total closing costs for each option. Explain which is the better option and why. Choice 1: 20-year fixed rate at 6.5% with closing costs of $2200 and 1 point. Choice 2: 20-year fixed rate at 6.25% with closing costs of $2200 and 2 points. Question content area bottom Part 1 What is the monthly payment for choice 1? $enter your response here (Do not round until the final answer. Then round to the nearest cent as needed.)

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