Rita and Mak are considering now to move to a new bigger house and considering selling the current house, the new mortgage will be around $275,000 mortgage (9 Marks).

The monthly payment on a mortgage amortized over 25 years at a fixed rate of 7% compounded semi-annually, is $1926.14.

The monthly payment on a mortgage amortized over 15 years at a fixed rate of 7% compounded semi-annually, is $2456.44.

As part of Rita and Mak financial planning, what is the difference in the total interest paid between the two different maturities. (9 Marks 3 Marks each)