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
Answer:
mathematicallly error sentence!
Answer:
the answer is 848500 centimetres
Step-by-step explanation:
we have to multiply the value by 100.
hope it helps.
Answer:
The complement event would be: "No rain today"
Its probability would be 70%
Step-by-step explanation:
Given the event:
A= rain today
The probability of rain today is 30%
P(A)=30%=0.3
The complement event has all the values that are not included in the event.
The complement event would be:
A'= No rain today
The probability of a event is the subtraction between 1 and the complement event:
P(A')=1-P(A)
Then, the probability of the event "No rain today" will be:
P(A')=1-0.3=0.7=70%
Answer:
y=-5x+17
Step-by-step explanation:
