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 740 or higher. How much more interest would you pay on a $195,000 home if you put 20% down and financed the balance with a 30-year mortgage at 4 78% compared to a 30-year mortgage at 3 12% ?
Note: Do not round intermediate calculations. Round your answer to the nearest dollar amount.