Wally Bee purchased a new home for $550,000 with a $90,000 down payment. He financed the remainder with a 3% mortgage for 30 years.

If Wally had originally planned on using a 15 year mortgage (also at 3%), how much would Wally save in interest expense compared to the 30 year mortgage?

Group of answer choices

$126,353

$235,779

$359,137

$445,464