Gretta needs a $300,000 mortgage and is offered two choices. The monthly payments for the fixed rate and predicted payments for the ARM are shown.

Adjustable Rate Mortgage
Year Monthly
Payment
1-15 $1,610.46


Adjustable Rate Mortgage
Year Monthly
Payment
1-5 $1,520.06
6-15 $1,728.54


What is the difference between the total costs of the mortgages rounded to the nearest hundred?

$8,700

$1,700

$15,800

$5,000