Barry and Evelyn know they want a 15 year mortgage for their new home purchase. They are planning to borrow $160,000. Two local lending institutions have similar offers.

Loan A is offering a 3% annual interest rate leading to a monthly payment of $1104.93.

Loan B is offering a 4% annual interest rate leading to a monthly payment of $1183.50.

Barry and Evelyn think these two loans are pretty similar. What is the total payback of each loan? Assuming they only make the minimum payment each month.