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Gina needs a $500,000 mortgage and is offered two choices. The monthly payments for the fixed rate and predicted payments for the ARM are shown.

Mortgage Type Monthly Payment (Year 1-5) Monthly Payment (Year 6-20)
Adjustable Rate Mortgage (ARM) $2,533.43 $2,880.90
Fixed Rate $2,684.10 $2,684.10

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

A. $26,400
B. $4,200
C. $14,600
D. $8,300

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