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
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The length of the hypothenuse or the value of x is equal to 19.53
Data;
- hypothenuse = x
- adjacent = 11.2
- opposite = 16
<h3>Pythagoras's Theorem</h3>
To solve this problem, we have to use Pythagoras's theorem which is used to find the missing side in a right angle triangle if we have at least two sides.
The formula for this is
Let's substitute the values and solve for the missing side
The length of the hypothenuse or the value of x is equal to 19.53
Learn more Pythagoras theorem here;
brainly.com/question/3317136
Two lines and a point are guaranteed to be coplanar if the two lines share only a single point.
Hope this helped :)
