Problem
APR 30-Year Term 20-Year Term 15-Year Term 5.5 $5.68 $6.88 $8.17 6.0 $6.00 $7.16 $8.44 6.5 $6.32 $7.46 $8.71 7.0 $6.65 $7.75 $8.99 7.5 $6.99 $8.06 $9.27
The Apolaro household will be financing a principal balance of $115,200.00 for their property. They are trying to decide whether to take a 30-year or 15-year term mortgage. Based on their credit score, they qualify for an APR of 7.0%. Calculate the difference in total interest they would pay between the two terms.