Andy has been offered a 30 year mortgage with an APR of 3.058% or a15 year mortgage with an APR of only 2.497%.

If he calculates he can pay a maximum of $2,000 per month, how much more can Andy afford to borrow if he chooses the 30 year mortgage rather than the 15 year mortgage?

[Give the answer to the nearest dollar].

• A.

  He could afford to borrow $13,750 more with a 15 year mortgage.

• B.

  $14,140

• C.

  $28,187

• D.

  $170,870

• E.

  $470,878