You need a loan of $120,000 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 fed rate at 4% with closing costs of $2300 and no points Choice 2:20-year fixed rate at 3.5% with closing costs of $2300 and 5 points What is the monthly payment for choice 1? $727.18 (Do not round until the final answer. Then round to the nearest cent as needed.) What is the monthly payment for choice 2? $ 696.96 (Do not round until the final answer. Then round to the nearest cent as needed.) What is the total closing cost for choice 1? $ 2300 What is the total closing cost for choice 27 Why night choice 1 be the better choice? You need a loan of $120 Choice 1: 20-year fixed rate at 4% with closing costs of $2300 and no points. Choice 2: 20-year fixed rate at 3.5% with closing costs of $2300 and 5 points. What is the total closing cost for choice 2? Why might choice 1 be the better choice? A. The closing costs are higher. B. The closing costs are lower. OC. The monthly payment is lower. D. The monthly payment is higher. Why might choice 2 be the better choice? A. The monthly payment is lower. B. The monthly payment is higher. C. The closing costs are lower