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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 6.50% to 6.25% on your $400,000, 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 6.50% APR is $ 2528.27 (Round to the nearest cent.) The monthly mortgage payment at 6.25% APR is $ 2462.87 (Round to the nearest cent.) The lower interest rate on the mortgage results in a monthly savings of $ 64.40. (Round to the nearest cent.) The PV of the monthly savings is $ (Round to the nearest cent.) The balance of the mortgage at the end of five years at 6.50% APR is $ 30839.53 (Round to the nearest cent.) The balance of the mortgage at the end of five years at 6.25% APR is $ 30749.51. (Round to the nearest cent.) The principle reduction due to the lower interest rate is (Round to the nearest cent.) The PV of the principle reduction is $ . (Round to the nearest cent.) The net benefit or cost is $. (Round to the nearest cent.) The net benefit is negative; therefore, you should not pay the point. (Select from the drop-down menus.) 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 6.50% to 6.25% on your $400,000, 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 6.50% APR is $ 2528.27 (Round to the nearest cent.) The monthly mortgage payment at 6.25% APR is $ 2462.87 (Round to the nearest cent.) The lower interest rate on the mortgage results in a monthly savings of $ 64.40. (Round to the nearest cent.) The PV of the monthly savings is $ (Round to the nearest cent.) The balance of the mortgage at the end of five years at 6.50% APR is $ 30839.53 (Round to the nearest cent.) The balance of the mortgage at the end of five years at 6.25% APR is $ 30749.51. (Round to the nearest cent.) The principle reduction due to the lower interest rate is (Round to the nearest cent.) The PV of the principle reduction is $ . (Round to the nearest cent.) The net benefit or cost is $. (Round to the nearest cent.) The net benefit is negative; therefore, you should not pay the point. (Select from the drop-down menus.)