You plan to take out a $500,000, 30-year mortgage to purchase a single-family home. The 30-year mortgage interest rate is 3.25%, which translates to monthly payments of $2,176. You can purchase one discount point and reduce your monthly payments to $2,108. What is the payback period of the one discount point? 3 months 74 months 238 months 7,353 months None of the above