Question $7$ of $8$

The interest rate on a $25-$year, $$270,000\mathrm{.}00$ mortgage is $3\mathrm{.}40\%$ compounded semiannually. Calculate the amount of interest saved if the mortgage was settled with month$-$end payments in $16$ years instead of month$-$end payments in $25$ years.

Note: Round the month$-$end payments to the nearest cent.

Round to the nearest cent