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 6.38% to 6.13% on your $401000 , 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.)

Please show the present value of savings too.