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You are buying a house and the mortgage company offers to let you pay a​ "point"...

You are buying a house and the mortgage company offers to let you pay a​ "point" 1.0% of the total amount of the​ loan) to reduce your APR from 5.88% to 5.63% on your $419,000​, 30​-year mortgage with monthly payments. If you plan to be in the house for at least five​ years, should you do​ it? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)

The monthly mortgage payment at 5.88% APR is $_ ?

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As nothing was mentioned excel is used.

jeff jeffy answered 3 months ago
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