Does it take $2.40 to buy an option priced at $2.40 or does it take $240.00 to buy an option priced at $2.40?
Traditional exchange traded options are for 100 shares. The multiplier is 100 which means that one point equals $100. Therefore, a premium of $2.40 will cost $240 plus commission (if any) to buy one contract.
The exception to this is adjusted options where the terms of the contract have been changed due to a corporate event such as a merger, special dividend, forward or reverse split, etc.