Joe Levi bought a home in Arlington, Texas, for $160,000. He put down 30% and obtained a mortgage for 30 years at 6 1/8 %. What is the difference in interest cost if he had obtained a mortgage rate of 5 1/2 %? (Use Table 15.1.)

TABLE 15.1	Amortization table (mortgage principal and interest per $1,000)
Rate	Interest Only	10 Year	15 Year	20 Year	25 Year	30 Year	40 Year
5.5	0.45833	10.85263	8.17083	6.87887	6.14087	5.67789	5.1577
5.625	0.46875	10.91467	8.23732	6.94966	6.21575	5.75656	5.24302
5.75	0.47917	10.97692	8.3041	7.02084	6.29106	5.83573	5.32888
5.875	0.48958	11.03938	8.37118	7.09238	6.36682	5.91538	5.41525
6	0.5	11.10205	8.43857	7.16431	6.44301	5.99551	5.50214