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 6.15% to 5.90% on your $415,000, 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.) The monthly mortgage payment at 6.15% APR is $ (Round to the nearest cent.) The monthly mortgage payment at 5.90% APR is $ (Round to the nearest cent.) The lower interest rate on the mortgage results in monthly savings of $ (Round to the nearest cent.) The PV of the monthly savings is $3,462.55. (Round to the nearest cent.) The balance of the mortgage at the end of 5 years at 6.15% APR is $ (Round to the nearest cent.) The balance of the mortgage at the end of 5 years at 5.90% APR is $ (Round to the nearest cent.) The principal reduction due to the lower interest rate is $1,189.40. (Round to the nearest cent.) The PV of the principal reduction is $ (Round to the nearest cent.) The net benefit or cost is $ (Round to the nearest cent.) The net benefit is ; therefore, you pay the point. (Select from the drop-down menus.)