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Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This...

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Accounting

Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This makes it financially critical to maintain a credit score of 700 or higher. How much more interest would you pay on a $196,000 home if you put 25% down and financed the remaining with a 30-year mortgage at 5% interest compared to a 30-year mortgage at 3.5% interest? (Use 360 days a year.Do not round intermediate calculations. Round your answer to the nearest cent.)

Excess interest $______

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