- U.S. Bank offers a loan of $176,000 for 30 years at 6.5% with closing costs of $3400 plus points. - First Bank offers a rate of 6% but closing costs of $5000 plus 2 points. Using your information from 1b, answer the following: (2 points) a. What is the difference in closing costs? b) You already found the monthly payment for US Bank. (Your answer to 1b) What is the monthly payment for First Bank? (Same loan amount, same number of years) (4 points) c) What is the savings in monthly payments if you go with First Bank? (2 points) d) How many months would it take to recoup the savings US Bank gives up front? _(2 points) e) What conclusion could you make about closing costs versus a lower interest rate? (Be specific to this part of the problem.) - 12 points)