Lloyd and Jean are considering purchasing a home requiring a $75,000 mortgage. The payment on a 30-year mortgage for this amount is $498.97. The payment for a 15-year maturity is $674.12. What is the difference in the total interest paid between the two different maturities

amount of mortgage = $75,000

monthly installment for the 30 years = $498.97.

difference = total payment - the amount of mortgage = (30 * 12 * $498.97) - $75,000 = $ 104629.2

for the second,

(15 * 12 * $674.12) - $ 75 000 = $ 46341.6

the difference in the total interest paid between the two different maturities = $ 104629.2 - $ 46341.6 = $ 58287.6