A borrower is purchasing a property for $280,000 and can choose between two possible loan alternatives. The first is a 85% loan for 30 years at 9% interest and 1 point and the second is a 95% loan for 30 years at 9.25% interest and 3 points. Both loans require monthly payments. Assume the loan will be held to maturity, what is the incremental cost of borrowing the extra money