Considerthe following pair of loan options tor a $165,000 mortgage. Calculate the monthly payment and total closing costs for each option Explain whim is the better option and why. Choice 1: 20-year xed rate at 3.5% with closing costs of $2800 and 1 point Choice 2: 207year xed rate at 3.25% with closing costs of $2800 and 4 points. What is the monthly payment tor choice 1? $ (Do not round until the nal answer. Then round to the nearest cent as needed.) What is the monthly payment tor choice 2? $ (Do not round until the nal answer. Then round to the nearest cent as needed.) 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? 0 A. The closing costs are higher. 0 B. The monthly payment is higher. O C. The closing costs are lower. 0 D. The monthly payment is lower. Why might choice 2 be the better choice? 6) A. The closing costs are higher. 0 B. The closing costs are lower. 0 C. The monthly payment is lower. 0 D. The monthly payment is higher. Click to select your answer{s)