You need a loan of $125000 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.

Choice1: 15-year fixed rate at 4% with closing costs of $1100 and no points.

Choice2: 15-year fixed rate at 3.5% with closing costs of $1100 and 4 points.

What is the monthly payment for choice1?