After making a down payment of £35,000, the David’s need to secure a loan of £290,000 to purchase a certain house. Their bank’s current rate for 25-year-old home loans is 5.7%/year compounded monthly. The owner has offered to finance the loan at 4.8%/year compounded monthly. Assuming that both loans would be amortized over a 25-year period by 300 equal monthly instalments, determine the difference in the amount of interest the David’s would pay by choosing the seller’s financing rather than their bank’s financing