Loans. You want to buy a farm that costs $650,000. You plan to finance it over the next 30 years. You are considering two options. Option A is that you use savings of $25,000 as a down payment on the loan. If you do so, you can obtain a fixed rate loan at a rate of 5.5%, compounded monthly.

Option B is that you finance the entire amount at a rate of 6.1%, compounded monthly. What is the difference in the total amount paid for the farm with the two options?