In order to make the monthly mortgage payment on a new house affordable, Kolton will need to obtain a lower mortgage interest rate. Koltons bank has offered to reduce the rate of his mortgage from 5.10% to 4.20% if he pays one point at closing. If the amount of the mortgage is $490000, how much must Kolton pay to reduce his interest rate?

Group of answer choices

$4900.

$1470.

$441.

$2940.