You need a loan of $125,000 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: 30-year fixed rate at 7% with closing costs of $2500 and no points. Choice 2: 30-year fixed rate at 6.5% with closing costs of $2500 and 2 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? What is the total closing cost for choice 2? Why might choice 1 be the better choice? O A. The closing costs are higher. B. The closing costs are lower. Why might choice 1 be the better choice? A. The closing costs are higher. B. The closing costs are lower. O C. The monthly payment is lower. D. The monthly payment is higher. Why might choice 2 be the better choice? O A. The closing costs are higher. OB. The monthly payment is lower. OC. The monthly payment is higher. OD. The closing costs are lower. You need a loan of $125,000 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: 30-year fixed rate at 7% with closing costs of $2500 and no points. Choice 2: 30-year fixed rate at 6.5% with closing costs of $2500 and 2 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? What is the total closing cost for choice 2? Why might choice 1 be the better choice? O A. The closing costs are higher. B. The closing costs are lower. Why might choice 1 be the better choice? A. The closing costs are higher. B. The closing costs are lower. O C. The monthly payment is lower. D. The monthly payment is higher. Why might choice 2 be the better choice? O A. The closing costs are higher. OB. The monthly payment is lower. OC. The monthly payment is higher. OD. The closing costs are lower