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You need a loan of $160,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how

You need a loan of $160,000 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.

Choice1: 30-year fixed rate at 6% with closing costs of $2600 and no points.

Choice2: 30-year fixed rate at 5.5% with closing costs of $2600 and 5 points.

What is the monthly payment for choice1?

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