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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x = -38/9 !!!
27(x+4)=−6
Step 1: Simplify both sides of the equation.
27(x+4)=−6
(27)(x)+(27)(4)=−6 (Distribute)
27x+108=−6
Step 2: Subtract 108 from both sides.
27x+108−108=−6−108
27x=−114
Step 3: Divide both sides by 27.
27x/27=−114/27
x=−389
The correct answer is D? Its the only one that makes sense.
The probability that you will first choose a red marble followed by a green marble is 20%.
<h3><u>Probabilities</u> </h3>
Given that a bag contains 1 blue, 2 green, and 2 red marbles, and you choose a marble with one hand and then a second marble with the other hand, to determine what is the probability that you will first choose a red marble followed by to green marble the following calculation must be made:
- 1 + 2 + 2 = 5
- 2/5 x 2/4 = X
- 0.4 x 0.5 = X
- 0.2 =X
- 0.2 x 100 = 20
Therefore, the probability that you will first choose a red marble followed by a green marble is 20%.
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