Word Problem 18-12 [LU 18-1 (3)] Joe Levi bought a home in Arlington, Texas, for $148,000. He put down 30% and obtained a mortgage for 30 years at 7%. What is the difference in interest cost if he had obtained a mortgage rate of 5%? (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete but not entirely correct. $ 47,918.13 x Difference

Joe Levi bought a home in Arlington, Texas, for $148,000. He put down 30% and obtained a mortgage for 30 years at 7%. What is the difference in interest cost if he had obtained a mortgage rate of 5% ? (Do not round intermediate colculations. Round your answer to the nearest cent.)