Consider the following pair of loan options for a $130,000 mortgage. Calculate the monthly payment and total closing costs for each option. Explain which is the better option and why. Choice 1: 15-year fixed rate at 6.5% with closing costs of $1500 and 1 point. Choice 2: 15-year fixed rate at 6.25% with closing costs of $1500 and 2 points. What is the monthly payments for choice 1. What is the monthly payments for choice 2. What is the total closing cost for choice 1. What is the total closing cost for choice 2. Why might choice 1 be the better choice