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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Answer: The answer is (B) ∠SYD.
Step-by-step explanation: As mentioned in the question, two parallel lines PQ and RS are drawn in the attached figure. The transversal CD cut the lines PQ and RS at the points X and Y respectively.
We are given four angles, out of which one should be chosen which is congruent to ∠CXP.
The angles lying on opposite sides of the transversal and outside the two parallel lines are called alternate exterior angles.
For example, in the figure attached, ∠CXP, ∠SYD and ∠CXQ, ∠RYD are pairs of alternate exterior angles.
Now, the theorem of alternate exterior angles states that if the two lines are parallel having a transversal, then alternate exterior angles are congruent to each other.
Thus, we have
∠CXP ≅ ∠SYD.
So, option (B) is correct.
