Mr.Fisher has built several houses and is offering buyers mortgage rates of 10% with a 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)$10,790.41

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The Answer of Mr.Fisher has built several houses and is offering buyers mortgage rates of 10% with a 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)$10,790.41

MrFisher Has Built Several Houses and Is Offering Buyers Mortgage