Joe Levi bought a home in Arlington, Texas, for $126,000. He put down 30% and obtained a mortgage for 30 years at 7.00%. What is the difference in interest cost if he had obtained a mortgage rate of 5.00%? (Use Table 15.1.) (Use 360 days a year. Round your intermediate values and final answer to the nearest cent.)

Difference $

TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) INTEREST Term in years 34% 5% 5% 6% 6% 7% 7% 8% 8% 9% 9% 10% 10% 11% 20 22 5 5 9.89 10.61 10.86 TL 8.52 9 .25 9.51 976 7.15 7.91 8.18 8.44 6.52 7.297.56 7.84 .806.606.88 7.17 .44 6.20 6.516.82 5.01 5.85 6.15 6.45 4.50 5.37 5 .68 6.00 3.995.05 5.38 5.7L 11.36 10.02 8.72 8.12 7.46 7.13 6.76 6.33 6.05 11.62 11.88 12.14 12.40 12.67 0.29 10.56 10.83 11.11 11.39 8.99 9 .28 9.56 9.85 10.15 8.40 8.698.999.299.59 7.76 8.06 8.37 8.68 9.00 7.44 7.75 8.07 8.39 8.72 7.077.397.72 6.66 7.00 7.34 7.69 8.05 6.396.75 7.11 7.47 7.84 12.94 13.22 11.67 11.96 10.45 10.75 9.90 10.22 9.339.66 9.05 9.39 8.74 9.09 8.41 8.78 8.22 8.60 13.50 12.25 11.06 10.54 9.99 9.73 9.45 9.15 8.99 13.78 12.54 11.37 10.86 10.33 10.08 9.81 9.53 9.37 8.06 8.40 35