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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3 numbers you can multiply to get 120:
1. 12
2. 6
3. 3
Hope this helps! :D
~PutarPotato
Answer:
9(8+y)
Step-by-step explanation:
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(7 / 2 ) / 100
3.5 / 100
0.035
So your answer is 0.035
Remark
It's a right triangle so the Pythagorean Theorem applies. All you have to do is put the right things in the right places of the formula.
Givens
a = x
b = x + 4
c = 20
Formula and Substitution.
a^2 + b^2 = c^2
x^2 + (x + 4)^2 = 20^2
Solution
x^2 + x^2 + 8x + 16 = 20 Collect the like terms on the left.
2x^2 + 8x + 16 = 20 Subtract 20 from both sides.
2x^2 + 8x + 16 - 20 = 0
2x^2 + 8x - 4 = 0 Divide through by 2
x^2 + 4x - 2 = 0
Use the quadratic formula
a = 1
b = 4
c = - 2

From which x = (-4 +/- sqrt(24) ) / 2
x1 = (- 4 +/- sqrt(4*6) ) / 2
x1 = (- 4 +/- 2 sqrt(6) ) / 2
x1 = -2 + sqrt(6)
x2 = -2 - sqrt(6) This is an extraneous root. No line can be minus.
x1 = + 0.4495
x2 = x + 4 = 4.4495