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Ronnie and his wife Lori have a home mortgage of $ 2 5 0 , 0 0 0 at 4 . 0 % annual interest

Ronnie and his wife Lori have a home mortgage of $250,000 at 4.0% annual interest for 30 years. Their current monthly payment is $1,193.54. How much do they save in interest expense over the life of the mortgage, if they re-finance the loan (same loan amount) for 15 years at an interest rate of 2.25%?
Group of answer choices
$134,885.62
$108,229.98
$44,788.15
$179,673.77

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