Question

ownership
compare options for $300,000 mortgage
compare two mortgage options for a home priced at $300,000 with an apr of 3.5% and a 20% down payment.

term (years)	monthly payment	total paid	total interest
30 years	$1,078	$388,080	$118,080

what is the difference in total interest paid between the 15-year and 30-year mortgage options?
$82,000
$118,080
$36,000
$82,080

Explanation:

Step1: Identify total interest for each term

For 15 - year mortgage, total interest is \$36,000. For 30 - year mortgage, total interest is \$118,080.

Step2: Calculate the difference

Subtract the total interest of 15 - year from 30 - year: \$118,080-\$36,000 = \$82,080.

Answer:

\$82,080