A home purchaser need to borrow $500,000 to finance their new home. The buyer believes they will live in the house for approximately 4 years. The buyer is offered two mortgage options. The first loan is at a rate of 3% with the payment of $103 in points. The second loan is at a rate of 2.75% with the payment of $6095 in points. Both loans are 30 year fully amortizing loans with monthly payments. What is the payment on the first loan? $1388.89 $1,828.67 $2108.02 $1244.68