You have decided to purchase a small industrial warehouse. The purchase price is $1 million, and you expect to hold the property for five years. You have narrowed your choice of debt financing to packages to the following two alternatives: - \$700,000 loan, 6 percent interest rate, 30-year term, annual, interest-only payments (the annual payment will not include any amortization of principal), and $50,000 in up-front financing costs. - \$750,000 loan, 6 percent interest rate, 30-year term, annual, interest-only payments. No up-front financing costs. Required: What is the difference in the present value of these two loan alternatives? Assume the appropriate discount rate is 6 percent. Note: Do not round intermediate calculations. Enter your answers in dollars, rather than in millions of dollars.)