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.
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Use the Pythagorean theorem...
a²+b²=c², in this case a²=c²-b<span>²</span>
a²+24²=33.94113<span>²
a</span><span>²+576=1,152.00031
a</span><span>²=576.000306
a=24 (If you need the exact number, not rounded, it is 24.0000064)</span>
The answer would be 5 = 30 ÷ 6 or ? = 30
Answer:
So the answer for this case would be n=94 rounded up to the nearest integer
Step-by-step explanation:
Information given
represent the sample mean
population mean (variable of interest)
represent the population standard deviation
n represent the sample size
Solution to the problem
The margin of error is given by this formula:
(a)
And on this case we have that ME =120 and we are interested in order to find the value of n, if we solve n from equation (a) we got:
(b)
The confidence2 level is 98% or 0.98 then the significance level would be
and
, the critical value for this case would be
, replacing into formula (b) we got:
So the answer for this case would be n=94 rounded up to the nearest integer