Mr. Fisher has built several houses and is offering buyers mortgage rates of 10% with a 15-year term. Current prevailing rates are 10.75%. Fourth National Bank will provide 10% 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% loan, how much would Mr. Fisher have to pay to buy down the loan?

Please post answer in excel