Indicate whether this statement is true or false with proper explanation.

"Evelyn purchased a sewing machine for her dress making business. She couldn't afford to pay cash for the sewing machine, so she borrowed $15000 from the bank Met, a financial institution. the loan will be repaid over a period of a four year and the total cost to setup the loan was $90. Evelyn will deduct the cost from the loan set up over four year."