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FedPrimeRate.com reported the median price of a home sold in the United States in November 2017 was $248,000. Juan Carlos Soto, Jr., wants to purchase

FedPrimeRate.com reported the median price of a home sold in the United States in November 2017 was $248,000. Juan Carlos Soto, Jr., wants to purchase a new home for $305,500. Juan puts 20% down and will finance the remainder of the purchase. Compare the following two mortgage options he has: 10 years at 3.5% or 15 years at 5%. Calculate Juans monthly payment as well as his total cost of interest for both the 10- and 15-year mortgage. What is the difference in interest paid between the two options (round to nearest cent in calculations)?

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