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How would i find the saved intrest. I need explaination please so i can fully understand Bill and Hillary are looking at two options for

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How would i find the saved intrest. I need explaination please so i can fully understand

Bill and Hillary are looking at two options for purchasing a $265,000 home. One choice is a 5 year mortgage at a rate of 6.5%. The other option is a 15 year mortgage at 4.5%. Calculate the monthly payment (in dollars) for each loan The payment on the 6.5% loan is: $ The payment on the 4.5% loan is: $ Which loan saves them more money in interest: How much money is saved in interest? \$

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