1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ilya [14]
1 year ago
5

A lender requires PMI that is 0.8% of the loan amount of $470,000. How much (in dollars) will this add to the borrower's monthly

payments? (Round your answer to the nearest cent.)
$
Mathematics
1 answer:
Ainat [17]1 year ago
8 0

The amount add to the borrower's monthly payment is $313.33.

Given that lender requires PMI that is 0.8% of the loan amount of $470,000.

A loan's PMI, or personal mortgage insurance, is a type of mortgage insurance used by lenders when making traditional loans such as home loans. A PMI helps cover the loss to the lender (bank) if the borrower stops making monthly mortgage payments on their home loan. Therefore, the PMI can be described as a kind of risk mitigation tool for the bank when the borrower defaults on their EMIs (monthly mortgage payments). So, PMI for a borrower is an additional cost or payment for the borrower on top of his monthly payments i.e. EMI.

Thus, the additional amount of dollars that the borrower has to pay for the PMI on his loan along with his monthly mortgage payments

= Principal Loan amount × (PMI/12)

= $470,000 × (0.8%/12)

= $470,000 × (0.008/12)

= $470,000 × 0.0006666667

=$313.333349

Hence, the additional monthly payment for PMI where lender requires PMI that is 0.8% of the loan amount of $470,000 is $313.33.

Learn more about mortgage payment from here brainly.com/question/10400598

#SPJ1

You might be interested in
What is the value of the expression StartAbsoluteValue negative 7 EndAbsoluteValue + StartAbsoluteValue negative 4 EndAbsoluteVa
dolphi86 [110]

Answer:

15

Step-by-step explanation: Because the absoulute value of 8 is 8 then the absoultue value of 7 is 7. Then add them together it equals 15 :)

7 0
3 years ago
Read 2 more answers
In a class of 24 people, the ratio of women to men is 3 to 1. How many women are in the class?
ryzh [129]

Answer:

There are 18 women in the class

Step-by-step explanation:

First of all this is a ratio topic and to solve it one needs to know that ratios are fractions so to solve it we will find first the sum of the fractions which is 3+1 and =4. Fully recognising through the question that the fractions or relation of the women to the men in the classroom is in a 3:1 ratio, we should multiply the fraction with the total number of people in the class which bring forth the result as 18!

4 0
3 years ago
. Here is an equation 2x + 9 = -15. Write three different equations that have the same solution as 2x + 9 = -15. Show or explain
Anettt [7]

Answer:

1. x-3=-15
2.2x=-24
3.2x-3=-27

Step-by-step explanation:

Given the following question:

2x+9=-15

To find three equations that have the same solution as the given equation we have to first solve the equation.

2x+9=-15
9-9=0
-15-9=-24
2x=-24
2x\div2=x
-24\div2=-12
x=-12

<u>Equation one:</u>
x-3=-15
-3+3=0
-15+3=-12
x=-12

<u>Equation two:
</u>2x=-24
2x\div2=x
-24\div2=-12
x=-12

<u>Equation three:</u>
2x-3=-27
-3+3=0
-27+3=-24
-24\div2=-12
x=-12

Hope this helps.

4 0
2 years ago
If f(x)=7(x-1)+8, what is the value of f(1)<br>​
irga5000 [103]

Answer:

8

Step-by-step explanation:

f(1)=7(1-1)+8

f(1)=7(0)+8

f(1)=0+8

f(1)=8

4 0
3 years ago
Read 2 more answers
What algebraic rule did you use to preform this<br> translation????
Law Incorporation [45]

Answer:

In geometry, a transformation is an operation that moves, flips, or changes a shape (called the preimage) to create a

new shape (called the image). A translation is a type of transformation that moves each point in a figure the same

distance in the same direction. Translations are often referred to as slides. You can describe a translation using words

like "moved up 3 and over 5 to the left" or with notation. There are two types of notation to know.

1. One notation looks like T(3, 5). This notation tells you to add 3 to the x values and add 5 to the y values.

2. The second notation is a mapping rule of the form (x, y) → (x−7, y+5). This notation tells you that the x and

y coordinates are translated to x−7 and y+5.

Step-by-step explanation:

5 0
2 years ago
Other questions:
  • Describe how you regroup when you find the sum of 64 + 43
    15·2 answers
  • Samuel is saving to buy a watch that costs $169.This is $48 More than 4 times what he saved last month.How much did he save last
    15·2 answers
  • Suppose an isosceles triangle ABC has A = 45° and b = c = 4. What is the length of a2?
    6·1 answer
  • Which point is closest to 7 on the number line?<br> ET<br> C0
    14·1 answer
  • Solve the inequality <br> 5x+2 &lt; 32
    12·2 answers
  • What is the shape of the base of a pentagonal right prism?
    15·1 answer
  • Would it be better to have a higher interest rate on a loan or on an investment? Explain.
    13·1 answer
  • Please answer them! Thank you!
    8·1 answer
  • Given: △ABC, m∠A=60°,<br> m∠C=45°, AB=9<br> Find: Perimeter of △ABC,<br> Area of △ABC
    15·1 answer
  • For each of the following shapes, state whether or not it has reflection symmetry. If it does , draw the lines of symmetry it.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!