Mr. Fisher has built several houses and is offering buyers mortgage rates of 10% with 15-year term. Current rates are 10.75%. Fourth National Bank will provide the loans if Mr. Fisher pays an equivalent amount upfront 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?

Answer: $10,790.41

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