QUESTION 8 You plan to purchase an $195,000 house using a 30-year mortgage obtained from your local bank. You will need to make a down payment of 20% of the offer price. No prepayment Option1: The mortgage rate offered is 5.5 and zero points Option 2: The mortgage rate offered is 5.35 and 1.5 points In exchange for $2,340 up front, Option 2 reduces your monthly mortgage payments by $14.625. The present value of these savings (evaluated at 5.35 percent) over the 30 years is In exchange for the up front payment that you just calculated, what is the PV of your savings?