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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 6.24% to 5.99% on your $409,000​, 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 6.24% APR is $ ​(Round to the nearest​ cent.)

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jeff jeffy answered 2 years ago
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