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What is the monthly payment for choice

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Question - 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.

Choice 1: 15-year fixed rate at 4% with closing costs of $1100 and no points. Choice 2: 15-year fixed rate at 3.5% with closing costs of $1100 and 4 points.

What is the monthly payment for choice 1?

Reference no: EM132549777

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