Johnson took the Personal Finance course and feels prepared in purchasing his first condo. He is looking at a mortgage of $200,000. He is considering two options: the monthly payment of $917 on a mortgage amortized over 25 years at a fixed rate of 2.79%, compounded semi-annually, or the monthly payment of $1,352 on a mortgage amortized over 15 years at the same fixed rate. What is the difference in the total interest paid between the two different maturities? (Note, assume that the fixed rate of 2.79% does not change over the entire mortgage amortization period.)

No difference.

$70,220

$31,740

$47,345

$86,675