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. Mr. Fisher has built several houses and is offering buyers mortgage rates of 10% with...

. Mr. Fisher has built several houses and is offering buyers mortgage rates of 10% with 15 year term. Current rates are 10.75%. Fourth National Bank will provide the loans, if Mr. Fisher pays an equivalent amount up front to buy down the interest rate. If a house is sold for $290,000 with a 90% loan, how much would Mr. Fisher have to pay to buy down the loan?

(A) $1,957.50 (B) $11,989.34 (C) $11,250.25 (D) $10,789.97

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