Write out your steps and financial calculator function keys.

A loan officer states, Thousands of dollars can be saved by switching to a 15-year mortgage from a 30-year mortgage. Calculate the difference in payments on a 30-year mortgage at 9% interest versus a 15-year mortgage with 8.5% interest. Both mortgages are for $100,000 and have monthly payments. What is the difference in total dollars that will be paid to the lender under each loan?