1. The monthly mortgage payment at 5.53% APR is $ ----- (Round to the nearest cent.)
2. The monthly mortgage payment at 5.28% APR is $ ----- (Round to the nearest cent.)
3. The lower interest rate on the mortgage results in monthly savings of $. (Round to the nearest cent.)
4. The PV of the monthly savings is $ . (Round to the nearest cent.)
5. The balance of the mortgage at the end of 5 years at 5.53% APR is $ . (Round to the nearest cent.)
6. The balance of the mortgage at the end of 5 years at 5.28% APR is $ . (Round to the nearest cent.)
7. The principal reduction due to the lower interest rate is $ . (Round to the nearest cent.)
8. The PV of the principal reduction is $ . (Round to the nearest cent.)
9. The net benefit or cost is $ . (Round to the nearest cent.)
10. The net benefit is (positive or negative); therefore, you (should or shouldnt) 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 5.53% to 5.28% on your $427,000, 30-year mortgage with monthly payments. If you plan to be in the house for at least 5 years, should you do it? (Note: Be careful not to round any intermediate steps less than six decimal places.)