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Mr. Fisher has built several houses and is offering buyers mortgage rates of 10 percent with a 15-year term. Current rates are 10.75 percent.

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Mr. Fisher has built several houses and is offering buyers mortgage rates of 10 percent with a 15-year term. Current rates are 10.75 percent. 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 percent loan, how much would Mr. Fisher have to pay to buy down the loan? $11,989.34 $11.250.25 O $1,957.50 O$10,789.97

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