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:
3404
Step-by-step explanation:
92 x 37 = 3404
Answer:
1=n
Step-by-step explanation:
Step 1- Distribute into the parenthesis.
7(3)+5(3)n= 6n+1(6)+4(6)n
Step 2- Multiply
21+15n= 6n+6+24n
Step 3- Add common variables to simplify.
21+15n= (24n+6n)+6
21+15n= 30n+6
Step 4- Subtract the smallest variable to both sides.
21+15n= 30n+6
-15n -15n
21= 15n+6
Step 5- Subtract 6 to both sides.
21= 15n+6
-6 -6
15= 15n
Step 6- Divide both sides by 15.
<u>15</u>= <u>15n</u>
15 15
1=n
Answer:
The value is 
Step-by-step explanation:
From the question we are told that
The weight of the bucket is 
The depth of the well is 
The weight of the water is 
The rate at which the bucket with water is pulled is 
The rate of the leak is 
Generally the workdone is mathematically represented as
]
Here G(x) is a function defining the weight of the system (water and bucket ) and it is mathematically represented as
Here I is the rate of water loss in lb/ft mathematically represented as
=> 
=> 
So
=> 
So
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=> ![W= [47(60) - 0.05(60)^2]](https://tex.z-dn.net/?f=W%3D%20%5B47%2860%29%20-%200.05%2860%29%5E2%5D)
=>
Answer:
B. A conclusion proved by deductive reasoning
Step-by-step explanation:
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