Ch. 5 - Practice Exercise You are buying a house and the mortgage company offers to let you pay a "point" (1% of the total amount of loan) to reduce your APR from 3.96% to 3.72% on your $397,800, 30-year mortgage. You plan to stay in the house for at least 5 years. a) What is the monthly payment at 3.96% APR? b) What is the monthly payment at 3.72% APR? c) After five years what is the balance owed at 3.96% APR? d) After five years what is the balance owed at 3.72% APR? 2) If you plan you sell the house after 5 years, should you pay the "point