A family wants to purchase a house that costs $185,000 . They plan to take out a $135,000 mortgage on the house and put $50,000
as a down payment. The bank informs them that with a 15-year mortgage their monthly payment would be $925.14 and with a 30-year mortgage their monthly payment would be $615.65 . Determine the amount they would save on the cost of the house if they selected the 15-year mortgage rather than the 30-year mortgage. Savings = $
