How to find monthly payment for choice 1 and choice 2 and total closing cost for choice 1 and 2 and why might choice 1 be better and how might choice 2 be better?

You need a loan of $160,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices. Choice 1: 15-year fixed rate at 7% with closing costs of $1400 and no points. Choice 2: 15-year fixed rate at 6.5% with closing costs of $1400 and 5 points. What is the monthly payment for choice 1? (Do not round until the final answer. Then round to the nearest cent as needed.) What is the monthly payment for choice 2? (Do not round until the final answer. Then round to the nearest cent as needed.) What is the total closing cost for choice 1? S What is the total closing cost for choice 2? $ ? Click to select your answer(s)