Problem:
A loan officer states that "Thousands of dollars can be saved by switching to a 15-year mortgage from a 30-year mortgage".
Calculate the difference in payments on a 30 year mortgage at 9% interest versus a 15 year mortgage with 8.5% interest. Both mortgages are $100,000 and have a monthly payments. What is the difference in total dollars that will be paid to the lender under each loan?