Question $14$

$2\mathrm{.}5pts$

You are looking to buy a home in San Marcos. The bank offers you a fifteen$-$year loan with a $6\mathrm{.}0\%$ APR or a thirty$-$year loan with a $7\mathrm{.}0\%$ APR. The loan amount is $$310,000.$ Calculate the difference between the monthly payments. Note: The shorter loan has a higher payment.

$$554$

$$580$

$$591$

$$508$