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:
-13/5
Step-by-step explanation:
The formula for slope is [ y2-y1/x2-x1 ].
-6-7/2-(-3)
-13/5
Best of Luck!
Answer:
Step-by-step explanation:
So what is the probability of the selecting the first coin? There are total of 4 different coins, so the probability of getting a dime is 1 out of 4, then he replace it, then again the probability stays the same, he still has 1 out 4 chance of getting a dime. So then it's just 1/4*1/4=1/16 :)
Step-by-step explanation:
solution.
Let S represent side of the equilateral triangle.
perimeter of equilateral ∆ =3×S
Therefore,if we let width to be represented by W
Width of rectangle=W
Length of rectangle=2W
one side of equilateral triangle= W+8
Therefore after analysing the question, the true statement is; The length of the rectangle is 2W
