Explain

You are in a meeting with your client presenting the lender's commitment letter and the borrower disclosure document. Your client has asked you about the cost of borrowing. Which of the following statements best describes the cost of borrowing in a purchase transaction? Select one: a. It is the total cost, expressed in dollars and as a percentage, payable by the borrower to obtain the mortgage financing O b. It is the total cost, including all fees and costs payable in purchasing the house (such as land transfer tax) and obtaining the mortgage financing c. It is the total cost, in dollars, but not a percentage, payable by the borrower to obtain the mortgage financing d. It is the total cost, not including any fees and costs payable to the lender in obtaining the mortgage financing