Is the Following Statement True or False? If You Obtain $8.5 \% + \frac { 3 } { 4 } \text { point } + \$ 300$

True/False

Is the following statement true or false? If you obtain a quotation for a home costing $360,000, obtain a 30-year loan at $8.5 \% + \frac { 3 } { 4 } \text { point } + \$ 300$ , and make a 30% down payment, you can find the total amount of interest paid on this loan as follows: $\$ 360,000 \times 0.7 = \$ 252,000$ the Table entry for a 8.5%, 30-year loan is 7.69, so the monthly payment is $7.69 \times \$ 252 = \$ 1,937.88$ . Then, $$\begin{aligned}I & = A - P \\& = \$ 1,937.88 ( 360 ) - \$ 360,000 \\& = 337,636.80\end{aligned}$$