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 6.47% to 6.22% on your $415,000, 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.)

The numbers in the first three boxes are not necessarily correct. (Those were my attempts)

The options for the first dropdown is (positive, negative) and for the second dropdown (should not, should).

The monthly mortgage payment at 6.47% APR is $2614.901. (Round to the nearest cent) The monthly mortgage payment at 6.22% APR is $254712). (Round to the nearest cent) The lower interest rate on the mortgage results in monthly savings of $ 67.78 (Round to the nearest cent) The PV of the monthly savings is S(Round to the nearest cent) The balance of the mortgage at the end of five years at 6.47% APR is S . (Round to the nearest cent) The balance of the mortgage at the end of five years at 6.22% APR is U (Round to the nearest cent) The principal reduction due to the lower interest rate is (Round to the nearest cent) The PV of the principal reduction is SRound to the nearest cent) The net benefit or cost iss (Round to the nearest cent) The net benefit is |; therefore, you pay the point. (Select from the drop-down menus.)