You need a loan of $$$$195$ comma $000$ 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$1$: $20-$year fixed rate at $6\%$ with closing costs of $$$$2300$ and no points.

Choice$2$: $20-$year fixed rate at $5\mathrm{.}5\%$ with closing costs of $$$$2300$ and $5$ points.

Question content area bottom

Part $1$

What is the monthly payment for choice$1?$

$$$

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enter your response here

$($Do not round until the final answer. Then round to the nearest cent as$$ needed.$)$