Wally Bee purchased a new home for $600,000 with a $60,000 down payment. He financed the remainder with a 6% mortgage for 30 years. Wally's bank has offered to lower the 6% interest rate on his 30 -year loan to 5.25% if Wally will pay 23/8 points. What will the points cost Wally? $12,825 $16,235$14,250 $13.550