You are buying a house and the mortgage company offers to, Financial Management

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You are buying a house and the mortgage company offers to

You are buying a house and the mortgage company offers to let you pay a "point" (1% of the total amount of the loan) to reduce your APR from 6.5% to 6.25% on your $400,000, 30 year mortgage with monthly payments. If you plan to be in the house for at least 5 yrs, should you do it? Mathematical steps?

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