Review the Monthly Principal & Interest Factor chart to answer the question: APR 30-Year Term 20-Year Term 15-Year Term
5.5 $5.68 $6.88 $8.17
6.0 $6.00 $7.16 $8.44
6.5 $6.32 $7.46 $8.71
7.0 $6.65 $7.75 $8.99
7.5 $6.99 $8.06 $9.27

The Renfroe household will be financing a principal balance of $242,300.00 for their property. They are trying to decide whether to take a 30-year or 15-year term mortgage. Based on their credit score, they qualify for an APR of 6.5%. Calculate the difference in total interest they would pay between the two terms.

Group of answer choices

$171,403.02

$184,353.72

$193,523.68

$224,536.51