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The problem asks for the savings between two types of mortgages: a 30-year mortgage and a 15-year mortgage. Let's break this down:

### Given Information:

- **30-year mortgage**:
  - Loan amount: $200,000
  - Interest rate: 4.5%
  - Monthly payment: $1,020
  - Loan term: 30 years

- **15-year mortgage**:
  - Loan amount: $200,000
  - Interest rate: 4.0%
  - Monthly payment: $1,480
  - Loan term: 15 years

### Step 1: Total Payment for the 30-Year Mortgage
The total payments over the life of the 30-year mortgage is:
\[
\text{Total payments for 30-year mortgage} = 1,020 \times 12 \times 30 = 367,200
\]

### Step 2: Total Payment for the 15-Year Mortgage
The total payments over the life of the 15-year mortgage is:
\[
\text{Total payments for 15-year mortgage} = 1,480 \times 12 \times 15 = 266,400
\]

### Step 3: Calculate the Savings
The savings by opting for the 15-year mortgage instead of the 30-year mortgage is:
\[
\text{Savings} = 367,200 - 266,400 = 100,800
\]

So, the 15-year fixed-rate mortgage would save you **$100,800** over the length of both loans.

### Correct Answer:
The correct choice is **d) $100,800**.

Would you like more details or explanations on how this was calculated?

### Follow-Up Questions:
1. What is the difference in interest rates between a 30-year and 15-year mortgage in general?
2. How does a shorter loan term affect the total interest paid?
3. Why are the monthly payments higher for a 15-year mortgage even though the interest rate is lower?
4. How does the total loan amount affect your decision between different mortgage terms?
5. Can extra payments on a 30-year mortgage help you save money similar to a 15-year mortgage?

### Tip:
Paying off your mortgage earlier reduces the total interest paid over time, leading to significant long-term savings.

QUESTION 9 of 10: According to online realtor Zillow, a 30-year, $200,000, 4.5%, fixed rate mortgage on your house will currently set your estimated monthly payments at about $1,020 per month. A 15-year fixed rate $200,000 mortgage would drop to 4.0% with monthly payments of $1,480. Approximately how much would the 15-year fixed rate mortgage save you over the length of both loans?

Learn how to calculate mortgage savings between a 30-year and 15-year fixed-rate loan with a $200,000 mortgage. Understand the impact of interest rates and loan terms on total payments, with step-by-step guidance suitable for high school students.

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