The Goldsteins take out a mortgage of $300 000.00 at 3.7% per year compounded semi-annually. They plan to repay the mortgage in equal monthly payments.
They are trying to decide between a 25 year amortization period and a 30 year amortization period.
How much money will they save with the shorter-term mortgage?
Round your answer to the nearest hundred dollars.
$148 200
$46 100
$55 300
$36 500