Question

Review the Monthly Principal & Interest Factor chart to answer the question:


FICO Score APR 30-Year Term 20-Year Term 15-Year Term
770–789 5.5 $5.68 $6.88 $8.17
750–769 6.0 $6.00 $7.16 $8.44
730–749 6.5 $6.32 $7.46 $8.71
710–729 7.0 $6.65 $7.75 $8.99
690–709 7.5 $6.99 $8.06 $9.27


Determine the percent decrease in total principal and interest paid between a 30-year term mortgage and a 15-year mortgage with a principal balance of $484,500.00 and a 6.5% APR. Round the final answer to the nearest tenth.
31.0%
31.1%
59.0%
68.5%