You are buying a house and the mortgage company offers to let you pay a...
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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 6.24% to 5.99% on your $409,000, 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 monthly mortgage payment at 6.24% APR is $ (Round to the nearest cent.)
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