Question: 3. Compare loan options for a $320,000 mortgage. a. A 30-year fixed mortgage with an APR of 3.5% has $1200 in closing costs and o

3. Compare loan options for a $320,000 mortgage. a. A 30-year fixed mortgage with an APR of 3.5% has $1200 in closing costs and o points. Calculate the total closing costs and the monthly payment size. b. A 30-year fixed mortgage with an APR of 2.9% has $1200 in closing costs and 3 points. Calculate the total closing costs and the monthly payment size. C. Find the total cost of each loan option. Be sure to include closing costs and the total amount paid to the bank over the 30-year loan. d. Which option would you prefer? Why

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